{"id":166378,"date":"2020-03-12T11:35:37","date_gmt":"2020-03-12T15:35:37","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=166378"},"modified":"2020-03-12T11:03:03","modified_gmt":"2020-03-12T15:03:03","slug":"audusd-deep-correction-or-a-fresh-low","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/03\/audusd-deep-correction-or-a-fresh-low\/","title":{"rendered":"AUDUSD: Deep Correction Or A Fresh Low?"},"content":{"rendered":"
March 12, 2020<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

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The current bearish structure on AUDUSD suggests that the cycle-degree correction might not have ended just yet. Wave c, <\/strong>which marks the end of the primary wave \u2464 as well, could slide further down for a fresh low below the 63c. round support (either for a false break or for an extended 5th wave).<\/p>\n

When keeping the sharp drop in mind, a range can be expected.<\/p>\n

Adding to that the rule of alternation (particularly for multiple degree impulse waves), the decline into intermediate wave (5) then could reinitiate following the breakout of a triangular formation.<\/p>\n

Perhaps, this could come in as a standard or a complex zigzag too, as all we need is a longer sideways market when compared to minor wave 2.<\/p>\n

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Judging by the structure, however, it is possible than the latest decline is part of a zigzag correction. This intermediate degree alternative, of course, suggests that we\u2019ve marked a multiyear support at the pin bar low and prices are now reversing up.<\/p>

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With primary wave \u2460 completed, the current formation indicates than we\u2019re likely to see a bounce at some level near the 63,43c. level. This is the 90% Fibonacci retracement and could be the last sign bulls can expect.<\/p>\n

Should we see a bounce anywhere above the previous low (but not at the previous low), then this will likely shoot higher to fresh multiweek highs. The primary wave \u2462 will cross above \u2460, unless if a more complex corrective structure invalidates both scenarios analyzed here.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The current bearish structure on AUDUSD suggests that the cycle-degree correction might not have ended just yet. Wave c, which marks the end of the primary wave \u2464 as well, could slide further down for a fresh low below the 63c. round support (either for a false break or for an extended 5th […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-166378","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=166378"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166378\/revisions"}],"predecessor-version":[{"id":166380,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166378\/revisions\/166380"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=166378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=166378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=166378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}