AUDUSD Wave Analysis - expanded flat

AUDUSD is currently in an interesting pattern. Price made an impulsive wave and is in correction since then.
On the monthly chart we have a huge engulfing pattern.

We got an overall expanded flat correction and are currently moving to the downside in wave C.


Target for this move is the 78% Fibonacci level. (ca. 0.67500)
It lines up with the monthly low
the low of the SHS formation,
the 161% extension of Wave A put on wave B
the 100% extension of last downside push.


There we will be looking for some significant price action and maybe some RSI divergence on the daily chart.

Stay patient and let the opportunities flow to you.