Todays (12-14-16) Fed rate decision was to raise the interest rate and to continue to do so throughout the next year. In light of this recent decision AUDUSD has given us a big short opportunity. A High Probability target of 0.70474 clusters nicely with an pattern.
On a smatter time frame I am looking for a small retracement here to enter a short. If this retracement does not a occur and price creates a new lower low consider taking a short in that instance as well.
Overall, The highest probability target is 0.71790 followed by 0.70474 and a cautious level at the end of the pattern at 0.70557.
First target hit, expect a limited correction before continuation of downward trend.
Make note of this current Wolfe Wave Development. We could see a larger correction unfold before hitting the final target at 0.70474.
The 1-4 target line has been reached. I will be looking at the action around this level to know if it will fall from this point of if AUDUSD has further room to climb before heading back down.
More updates to come as this pair develops.