There is a ascending demand line and a fib 78.6% coincide at one point which may be the turning point of AUDUSD. I prepare to buy the AUDUSD @0.9040 with targeting around 0.9300 or near the descending demand line as shown in the chart. Currently AUDUSD move around 0.9120 …. Wait for the setup to enter the trade.
Although PA (Price Action) left the PRZ (Price Reversal Zone) in upward move, failed to make a higher high beyond X so the bat pattern is still valid. However, PRZ forced PA to take a short break at 88.6 extension of XA and went to test the previous swing high. The 88.6 acted as support twice forming a possible CZ like the one on previous swing high. The T1 is at 38.2 (1.42370) retracement of this impulse leg with no serious support which implies a further drop to T2 at 61.8 (1.41027) with some significant support levels earlier.