Aussie is recovering, but we think it's just a part of a correction in wave 4 that can look for resistance around 0.7100 area. As long as it's trading within bearish channel range and below 0.7200 region, we will remain bearish.
AUDUSD completed a corrective retracement from the 0.7082 level which we labelled as corrective wave 4) as part of a downtrend. The following decline from the swing high of 0.7315 level, is now seen as wave 5), final leg of a bearish cycle which can extend its drop towards the 0.7000/0.6940 region.
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