AUDUSD is trading lower from the May highs, and the decline has been very impulsive over the last few weeks. So we assume there could be even more weakness after any corrective rallies. However, there may first be a test of the 0.6830 support before the market possibly stabilizes and makes a higher degree three wave rebound into wave B.
That wave B would likely face strong resistance between 0.7000 and 0.7100, from where we would expect the next major reversal lower. Also, don't forget that on the daily chart the price has broken through some very important trend line support, which suggests that this corrective phase could be deeper and last longer than initially expected.
Grega
That wave B would likely face strong resistance between 0.7000 and 0.7100, from where we would expect the next major reversal lower. Also, don't forget that on the daily chart the price has broken through some very important trend line support, which suggests that this corrective phase could be deeper and last longer than initially expected.
Grega
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