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Elliott Wave Analysis: AUDUSD Trading In A Temporary Correction

Aussie has turned sharply lower last week which has been expected since we identified an ending diagonal in wave C) position. That’s a reversal pattern that put a bearish impulse in progress, wave 1 that found a base at the 0.7489 level. As such current bullish rally is the start of wave 2, which may find an ideal reversal zone around the 50.0 or 61.8 Fibonacci ratio, for where a bearish breakdown may follow.


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