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AUDUSD Is Expected To Weaken


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July 08 2014

AUDUSD has turned bearish last week from 0.9500. A decline is impulsive that also took out the trendline connected from 0.9206 which is important signfor a change in trend. With that said, we believe that pair accomplished a five wave rally up in wave 5  which means that market should be heading lower in the next few days, even if fall will be only corrective. With that said, a current recovery from 0.9325 is just a temporary bounce within downtrend that may find resistance somewhere between 38.2 and 61.8% retracement level. With that said, be aware of a downtrend resumption from around 0.9400-0.9440 zone.

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