AUD/USD: bears going to deliver wave iii of (iii)
There’s a possible wedge in wave [i], which led to form wave [ii] in a form of a zigzag. Previously, we’ve got two pullbacks from 7/8 Murrey Math Level (P=200) in a row. Therefore, wave [iii] is likely going to be continued, so we should keep an eye on 1/8 MM as a possible bearish target.
As we can see on the one-hour chart, wave i was formed yesterday, so we’ve got wave ii in progress. It’s likely that the price is going to test 3/8 MM Level during the day. If we see a pullback from this level, there’ll be an opportunity to have wave iii of (iii).