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AUDUSD - ANALYSIS
The AUDUSD (now at 0.9129) did exactly as predicted. After getting up to level 0.94 it tanked to 0.9111 and bounced back up to 0.9217. Here the major downtrend resumed. Although another small rally to 0.9236-38 is still possible, the closest target downwards is now 0.9085 and the area 0.9005-0.8997.
TARGETS:
T1: 0.9085 and the area 0.9005-0.8997.
T2: the area 0.8892-0.8869.
T3: the area 0.8578-0.8509
T4: the area 0.8420-0.8300.
ELLIOTT WAVES
In the monthly chart (and in the weekly chart) "wave 5" downwards is in the making as the Aussie is pointing down to 0.9086 and below (long term trend).
In the 1-hour chart " Wave 1 and 2 - of a lower degree - are completed. Wave 3 is being traced.
The most likely targets appear to be the area 0.8578-0.8509 and the area 0.8420-0.8300. See monthly chart and weekly chart
Monthly chart - click to enlarge
Weekly chart - click to enlarge
Wave oscillator on a daily chart - click to enlarge
4-hour chart - click to enlarge
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