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AUDUSD Could Break Beneath 0.9200


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May 28 2014

AUDUSD has turned to the downside last week, and found some support just few pips away from 0.9200. We however think that pair is going to reach even lower levels especially because of sharp decline from around 0.9380 that has personality of a wave three as part of an impulse. With that said, a decline from wave B/2 high is most likely a new five wave cycle that may send prices down to around 0.9130-0.9160 in the next couple of days. At the moment we see slow intraday recovery that looks like a wave four so be aware of a break down into wave (v).

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