The 3 Drives (Blue) at 0.87900 has capped the recent run higher in Aussie and I expect a further correction to take place before we see the bulls return with the next support not until 0.87200/0.87050.
Since the 3 drives high we have seen the smart money selling on a number of 1:1 intraday rallies, a break of the 0.87450 low should see the selling pick up. The next resistance level to watch will the the 1:1 (Yellow).
- A 1:1 refers to a current correction being equal in length to a prior correction
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