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AUD/USD: 3 Wave Rally Pointing Down

AUD/USD: 3 Wave Rally Pointing Down

AUD/USD stays bearish for another low as rally from 0.6900 was made in three waves. We see it as wave 4) which also retraced for 50% of wave 3), back to the area of wave four of one lower degree. Ideally, this rally is not completed with an A-B-C structure. The reason is recent sell-off down to around 0.7100 from where we expect a continuation towards the lower support channel line, where successful breakout will make room for a fifth wave of decline towards 0.6700-0.6900.

AUD/USD, Daily

AUD/USD Daily Chart

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