Commodity currencies are very bearish today, with AUD one of the weakest following Monetary Policy Meeting Minutes. AUDUSD pair fell towards 0.7500 area that has been technically expected as we recognized a five wave drop from 0.7676 high. We however believe that pair can go much lower if we consider that pair can be in wave three now of an impulsive bearish reversal. If that's the case then looking towards 0.7430 target is reasonable while 0.7605 holds.
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