Aussie has been on a smoothly steady downtrend since 25th of October, and this has been followed with couple of Higher Highs and Higher Lows, but this past Friday impulsive movement towards the top-table in the market could be a possible starts of the ABC corrective wave, for Aussie.
Following the momentum and the price level, the price has moved very close to retesting the dynamic support at 0.7370, and failure to break this previous support level could open a more downward chance for the bears to keep the price dipping.
That said, there is a chance that the Elliot wave theory would kicks in and the price would complete the ABC reversal stage before any further downward drive is resumed by the sellers.
#fx #aud #audusd #usd #aussie
Following the momentum and the price level, the price has moved very close to retesting the dynamic support at 0.7370, and failure to break this previous support level could open a more downward chance for the bears to keep the price dipping.
That said, there is a chance that the Elliot wave theory would kicks in and the price would complete the ABC reversal stage before any further downward drive is resumed by the sellers.
#fx #aud #audusd #usd #aussie