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    AUD/USD: wave analysis on 16.02.2016

    The pair is in a correction.

    Assumingly, the fifth wave within a long-term Bearish trend has finished forming. At present, a reversal seems to be forming within which the first wave in the shape of a diagonal has formed and a correction as the second wave is developing. Locally, wave (b) of ii seems to be nearing the end, and a fall within wave (c) to 0.6970-0.6920 is expected. A critical for this scenario is the level of 0.7240.

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