FX.co ★ torp.paris | AUD/USD

The currency pair AUDUSD - D1 period chart. November has recently ended, while the earlier month of October was mixed. It is evident that in the first half of October, there was a confident decline, then they got stuck in a range and made a pullback upwards. The wave structure here has a neutral character, but it is likely to become bearish soon. The MACD indicator is in the oversold zone. A significant sign of a decline is the presence of such a large descending figure, an ascending wedge that was previously broken downwards. If anyone wants to see another strong argument in favor of a decline, they can look at the higher weekly chart. Drawing a descending line from the peak of 2021, it will immediately be seen that the growth in September hit this line directly. The decline started from around mid-September. Consequently, the predisposition to further decline remains. Moreover, in general, in the market, the main major pairs are poised to continue strengthening the US dollar in the near future. The pullback upwards was the second wave before the third downwards, as if saying goodbye to the broken wedge. A bearish convergence has formed on the CCI indicator used - a strong sell signal. Immediately after that, the decline began. On shorter timeframes, in my opinion, it is more promising to consider only sell deals for now. I would skip buying formations no matter how appealing they may seem. You can overlay a Fibonacci target grid on the first wave and see the potential target for the decline - the 161.8 level. I believe this target is quite achievable in the long run. However, this is the distant second target, the first one is higher and is more likely to be reached, it is around the support level of 0.6365. This level is a very strong weekly level, and some sales should be closed there. I have no doubts that the price will move there. The recent rise was just a shakeout of excess sellers. It slightly exceeded the low of October, but it's insignificant, just noise. The target for the decline is around the 0.6365 level. Initially, we decided to test and trigger all the tops.