AUDUSD broke higher recently, up into wave C-circled that is part of a big corrective wave IV which looks like a flat. A flat correction is a 3-3-5 pattern; a contra-trend movement that should send price back to the downside after a completion. So far, market made a nice bearish turn to 0.7550, but we still need five waves down on lower time frame to confirm a bearish reversal. Once five wave drop will be shown, then we will start looking for a resumption of a big downtrend.
AUDUSD, Daily
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