Aussie is turning higher, now moving out of a downward channel which can be first evidence or a recovery to higher prices.
AUDUSD is trading bearish, unfolding a five-wave decline down from the 0.708 level, which looks to be an ongoing impulse because of a clear wave structure. At the moment we are tracking final leg v) of c, which can look for support, and a bullish turn near the Fibonacci ratio of 138.2/161.8 (0.6770/0.6753 region). A rally in impulsive fashion would suggest a low in place, and a minimum three-wave recovery.
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