Currency pair AUDUSD - D1 chart. The wave structure currently has a neutral character. The last downward wave updated the previous low, thereby breaking the ascending structure that was in place before. However, the downward structure has not fully formed yet; an update of the bottom of the upward wave is needed for it to be considered descending. Signals for selling were previously worked out in March. There was a bearish divergence on the MACD indicator, which was later confirmed by a rising wedge reversal pattern. The decline from the highs did occur, albeit slowly. I assumed that the price could reach the horizontal support level at 0.6740, but the sellers lacked the strength. After returning to the broken level at 0.6981, a decline could have started, and it seems they tried to develop it, had a bounce, and that was it. It turned out to be a trap for the sellers, providing a good opportunity to sell and simulating the beginning of a decline from the level, then pulling the price up. Additionally, the American President Trump intervened with his statements regarding Iran, as a result of which the US dollar weakened overall in the market, more in some places, less in others. The resistance level at 0.6981 was sold upwards, tested from above after the breakout, and bounced back up. This does not mean there will be a continuation of the upward trend. There is a high probability that this last upward retracement is the second wave before the third downward wave, which will reach the level of 0.6740 that could not be reached earlier during the breakout downwards. This scenario is also indicated by the CCI indicator being in the overbought zone. Some major pairs have found their direction, so a strengthening of the US dollar is expected in the near future. Breaking above the peak signifies a potential selling zone; I consider entering short on lower timeframes. There is no talk of buying at the top, especially since other pairs are also ready for a reversal and have already started to turn.
