AUD/USD continues consolidating between the resistance in the zone around 0.7440 – 0.7450 and the support in the zone around 0.7320 – 0.7240.
The fact that the pair remains within this relatively wide consolidation for so long without managing to stay above 0.7450 and is practically forming a sideways correction is a signal that AUD/USD is not done depreciating. In case the pair falls below 0.7310 then it will reach the next support at 0.7220 without a doubt. We may even see a deeper depreciation to 0.7150 – 0.7100.
Such a drop would form eleven waves to the downside, after which we may expect a correction north.
Taking note on these levels.
ReplyDeleteGood insight.
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