The Aussie continues to fall with the market now picking up momentum on the downside as the 61.8 fails to attract solid buying interest.
I mentioned yesterday the importance of the AB=CD (Light blue) and 38.2 fib that coincided at 0.80200/250, this resistance level attracted solid selling interest from the bears with the market now 185 pips lower,
The smart money was seen selling in early London traded on the 1:1 (Light blue) at 0.78800, the market fell 50 odd pips on the back of this resistance level.
The resistance level to watch now is the 1:1 (Purple) that comes in at 0.78850, with the 61.8 fib at 0.79440 now history selling rallies continues to be the best play.
* A 1:1 refers to a current correction being equal in length to a prior correction
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