Hello traders, today's article is about AUD/USD and its near-term future.
AUD/USD looks to have recently completed a three-wave corrective recovery at the 0.7677 level, which was followed by a sharp turn as wave 1 that also breached below the corrective channel connected from 0.7512 level. This break below the channel is a suggestion that recent correction is over and that more weakness may follow, ideally below the 0.7512 level and towards the upcoming channel line from May lows. If price stays down, then wave 5) of a higher degree is in progress, however if price bounces back above the 0.7677 level then wave 4) may still be unfolding.
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