AUDUSD is nearing the PRZ of a bearish shark in a S/R zone that is confluent with the a bearish Wolfe Wave setup. 200 EMA and SMA may add resistance in this area. To add to bearish bias, this pair has been in a strong downtrend and this would give us an opportunity to ride it down to the .886 fib if price should reach the PRZ. Entry is placed at the shark pattern completion point with a SL above 1.272XA/Moving averages and targets at .618CD, C point, and the .886 fib retracement level.
Bearish Confluence:
Bearish Confluence:
- Bearish shark pattern completion
- 2.272AB=CD
- 1.618BC Projection
- Bearish Wolfe Wave setup
- S/R Zone
- 200SMA Resistance
- 200EMA Resistance
- Trend Continuation
