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The intraday AUD/USD is in a possible distribution cycle. The ABCD pattern on the 30 minute chart below will short the set up off the 78.6 level as well as Wave resistance.
Here’s some background on the ABCD Fibonacci pattern.The distance from A to B should ideally be equal to the distance from C to D. The move from B to C here was very strong as it retraced to the 78.6%. If there was a stronger trend in this market and on this time frame, it’s more likely the retracement would have been more shallow closer to 38.2%. Since that’s not the case here it’s more likely the trend is weaker on the 30 minute chart.
This pattern originally alerted a buy signal at D so this time frame is in trade management as prices are rallying. The selling pressure I’m watching for comes as this Fibonacci pattern is running into resistance and possibly a 100% retracement of C to D.
Here’s a possible scenario for the short off the resistance of the ABCD pattern above and the potential 3 Drive pattern’s downside target where a long set up could trigger.
Charts courtesy of Autochartist Fibonacci Pattern Search