AUDUSD reversed sharply to the downside last week from 0.7936 high with recent accelerating price trough the lower side of an upward channel. As such, we assume that correction is already done in fourth wave as current bearish move has impulsive qualities, so more weakness will be expected in days ahead, back to to the lows as we see big blue wave (5) in progress. In the meantime any bounce will be treated as just short-term correction within ongoing trend.

AUDUSD 4h Elliott Wave Analysis

Written by www.ew-forecast.com

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