The AUD/USD pair has rallied above the 0.9015 level, thus invalidating the chart possibility I posted on December 28th. Here is the alternate count I proposed, where the currency pair may be forming an extremely bearish 1-2-1-2 formation. I have drawn in the Fibonacci levels above in blue. As you can see price action has almost reached the 61.8% level, which is right on 0.91. I expect some resistance at this level. The head and shoulders pattern we have been watching develop over the previous months is still valid, however with every push higher the likelihood of the pattern playing out as we have been hoping diminishes.
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