AUD/USD in A Three-wave Reversal

 | Sep 21, 2020 09:42AM ET

AUD/USD is in a three-wave reversal from the highs labeled A-B-C, where the price is currently unfolding an impulsive wave C, meaning five legs are in play for it. Wave C will be confirmed, once we see a break below the lower trendline support, or neck line, of a head and shoulder pattern. That said, wave C impulse can target 0.715/0.707 support region.