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Aud/Usd Moves Into A Correction

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Aug 9 2011

Aud/Usd collapsed below 1.0 psychological level, but reversal from the lows is even more significant. As such, we suspect that wave 3 has bottomed and that larger corrective recovery is underway, labelled as a wave 4. If that's the case, then this reversal is still far away from a completion, as we need to see three legs; (a)-(b) and (c), before we may look for more weakness on this pair.

Resistance that we should pay attention on is around 1.04!

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