AUDUSD is in a downtrend, but possibly in a fifth wave of an extended black wave 3 as shown on the hourly chart, so room for current bearish waves can be limited. That said, we don’t think it’s a good time for any new shorts, but rather wait on a corrective bounce back to 0.7480 before a downtrend may resume once again. we see some nice support at 0.7300.
AUDUSD 1h – Elliott Wave Analysis
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