Elliott Wave Analysis: Aussie Still Points Lower
AUDUSD is in a downtrend for the last 10 months, but not in an impulsive one so we think this can be wave B) of an irregular correction. However, this wave B) has still some room left for a drop to 0.6670 after current wave b is completed. Resistance is at 0.6900.
On the lower degree time frame, we can see that AUDUSD is trading sideways for the last three months which is seen as a corrective price action placed in wave b. We have our eye on two possible scenarios at the moment; flat or a triangle, but in both cases, we think that upside can be limited, but we will have to wait on more price data before we can identify the end of a sideways move.
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