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AUD/USD: a-b-c could unfold lower but mini-up-trend to resume

   
Broadly speaking, on the longest time-frames, the aussie is still in a long-term down-trend, which has paused and has been consolidating over the last few months.

Within that consolidation the pair has been rising up in a gentle up-trend ever since the June 1 lows.

This tenuous up-trend is still intact and expected to extend higher, however, first there is a chance it could pull-back temporarily before it resumes its up-trend. It has already traced out two waves lower – wave ‘a’ and ‘b’ – and it could now move lower in wave ‘c’ to the early 0.77s or possibly the trend-line at 0.7700, thus completing an a-b-c.

After this pull-back has finished, however, there is the possibility of a resumption higher and a break above the 0.7848 highs could lead to a continuation up to 0.7890, as the mini-up-trend extends higher.

AUDUSD22

   
Broadly speaking, on the longest time-frames, the aussie is still in a long-term down-trend, which has paused and has been consolidating over the last few months.

Within that consolidation the pair has been rising up in a gentle up-trend ever since the June 1 lows.

This tenuous up-trend is still intact and expected to extend higher, however, first there is a chance it could pull-back temporarily before it resumes its up-trend. It has already traced out two waves lower – wave ‘a’ and ‘b’ – and it could now move lower in wave ‘c’ to the early 0.77s or possibly the trend-line at 0.7700, thus completing an a-b-c.

After this pull-back has finished, however, there is the possibility of a resumption higher and a break above the 0.7848 highs could lead to a continuation up to 0.7890, as the mini-up-trend extends higher.

AUDUSD22



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