AUDUSD Short to 0.79500 AB=CD Pattern

Jan 1, 2015

Recent pullback into the 38-50% Fib level recently off the last swing high at A gives a potential AB=CD pattern forming. Bearish momentum is intact as shown by the hanging man candle on the daily chart. AB leg projected down ends almost exactly at 1.618 extension of AB and also very near the 61.8 retracement of the entire down move on the monthly chart. Strong S/R level at/near the 61.8 Monthly retracement lends support to price reaching that level before reversing.

Longer term AB=CD pattern which started with the AB impulse leg down from the Sep. 5th high (0.94016) down to Nov. 7th low (0.85405) with the C point at the Nov 17th high (0.87957) also projects to end very near to the 61.8 Monthly retracement and the major S/R level near 0.79500.