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Elliott Wave Analysis: AUDUSD Looking For More Downside

Aussie is not moving much for the last two days, but intraday wave structure and price action from last week suggests that we will see more weakness. The reason is a larger degree pattern which is impulsive to the downside, while hourly chart shows a triangle now in wave four. This is a continuation pattern so we are looking for a break to a new low of the week. Fib. levels shows that there is room for 0.7440.

AUDUSD, 1H

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