Francesc Riverola,AUDUSD, still targeting new lows… by David Solin, Partner at Foreign Exchange Analytics
Aussie continues to chop within the .6005/.7010 that has been in place since late Oct. With no signs that a more important bottom is in place “pattern-wise” (5 waves up on the short term charts for example), suggests that the last month of trade is a large correction/ consolidation and with eventual new lows after. Note too the 5 wave fall from the .7010 high (see shorter term chart at www.fxa.com/solin/comments.htm ) also suggests that the bigger picture downside is not “complete”, and adds weight to the view of eventual new lows below .6005. For now want to be short for the bullish trendline from Oct 27th (currently at .6075/85), .6005 and below, and would reshort here (currently at .6425).
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