AUDUSD: Stops done below major 50 Fibo, lower prices to come? by Reece Marini

AUDUSD Weekly

AUW

The Aussie continues to trade with a heavy tone with a number of stops taken out below the major 50 fib at 0.85400, the next support level is not until 0.80500/0.80000 so there is still plenty of room for the Aussie to continue to fall coming into years end.

AUDUSD M15

AU15

The Elliott Wave fraternity has been seen selling on the recent 1:1 (Light blue) and again on a number of smaller 1:1′s as the 23.6 fib and double top (Pink) attracted the bears.

  • A 1:1 refers to a current correction being equal in length to a prior correction

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