If we look at the 4-hour chart of the EUR/AUD cross, we can see that sellers are still dominating, which is indicated and confirmed by the appearance of:
1. Deviations between EUR/AUD price movements and the Awesome Oscillator indicator.
2. Alligator indicator that opens downwards.
3. All three Wiseman have been fulfilled.
Based on the facts above, in the near future EUR/AUD will try to test the nearest Wiseman level 3 (Bearish Fractal), namely at the 1.5623 level. If it is successfully broken down, then EUR/AUD will have the potential to continue its decline to the 1.5495 level. However, on its way to the previously mentioned target levels, suddenly EUR/AUD reverses corrected upwards beyond the 1.5746 level,then all scenarios of a decline with the targets previously described will become invalid and cancel automatically.
(Disclaimer)
