The AUD/USD extended its weakness in the last few sessions within wave (iii), which can now be counted in five smaller waves. As such, support for current decline could be near, maybe around 0.9800 from where we will be tracking a wave (iv) corrective rally if we see evidence of a temporary low. If that will prove correct, then traders should keep an eye on levels around 1.0000 where we can see wave four swing of one lower degree, plus a lower base channel line that could react as a resistance. Any shorts in such a case should have stops above the 1.0152 critical region, as wave four must not trade into a wave one territory.
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Bearish AUD/USD: Wait On Pullback For New Shorts
Published 05/15/2013, 04:35 AM
Updated 07/09/2023, 06:31 AM
Bearish AUD/USD: Wait On Pullback For New Shorts
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