AUD has been one
of the weakest currencies in the last two weeks after pair reversed down from
around 0.9300 region which has been expected because of a corrective price
action since start of July. We are talking about blue wave (4) that was an
expanded flat. If that’s the case then pair is now in wave (5) that needs to be
made by five sub-waves, so more weakness is in view if we consider that price
is now at the end of a red wave 3) that will be looking for a temporary support
around 0.8850 (261.8% Fibonacci extension of wave two). In the next few days
price could recover, but only in corrective fashion back to 0.9000 which could
be a nice are for shorts.
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