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Aussie: Current Up movement is Deceptive

Aussie have been trading to the downside in a strong fashion way since beginning of the year. Only recently the market has pick up after the USD negative sentiment across the board. Current up movement is still corrective in nature and we expect the market to resume the downtrend, we're still in a bear market.
Although we have complete a 5 wave cycle since we break to the downside (figure 1, red wave notes) this is just the first wave of higher degree. The reason why we may assume this is the…
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Daytrader21 avatar

Update 2: The sell of from .9750 resistance zone has been confirmed today as the downward pressure is still in place. Although the market has found support at .9570 level I suspect this is a minor level the first major support come in to play at .9530 and here I'm expecting the market to bottom out and the upward momentum to gain traction again for a retest of the highs before to resume downward.

Daytrader21 avatar

Update 3: The downside momentum has continued in recent days after we had established a swing high at .9750. The current down leg is developing a 5 wave movement and we have finished the wave 5 of wave III, so I'm expecting one more leg down before any recovery. The final support should be at 0.94-0.93 from where I'm expecting the market to recover the recent loses.

Daytrader21 avatar

Update4: As I've said in my previous update we indeed find support at 0.94. I'm expecting this to hold as the wave I is already completed we had a 5 wave decline from 0.9750 swing high. Now we are expecting retracement in form of an ABC correction which will form wave II.

Daytrader21 avatar

Update 5: the current down wave has took shape of a five wave decline and it seems 9270 is holding as support level. From here we should expect a three wave correction which should give us a price near our target. The wave 4 of this 5 wave sequence is 0.9540 the market should end the wave C of this correction above that level near our 0.9570 target

Daytrader21 avatar

Update 6. Aussie it seems it has change direction and my prediction was WRONG. The market seems to go retesting previous low 0.8950

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