AUD/USD started firmly declining from the 0.727 level yesterday, which is an indication that higher degree wave 5) of A/1 found resistance and a top, and that a minimum, three-wave reversal could be underway.
We see price unfolding first leg lower as A/1 of a lesser degree, which once completed, can be followed by a temporary pullback as B/2. That said, further decline below the lower Elliott wave channel line will confirm a reversal to be underway. Invalidation level is at 0.727.
The EW-forecast team
AUD/USD In A Bear Move
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