AUDUSD WAVE ABC CORRECTION IN PROGRESS
The Australian currency benefited from the Reserve Bank of Australia's hawkish statement that a larger interest rate rise is still conceivable in June, despite inflationary worries.
However AUDUSD has been on a downward trend after completing 5 waves upwards.
Technically, persistent deterioration below the 0.7130 level would put the pair at risk of hitting 0.705 ; 0.6985 ; 0.693 as we expect a 3 wave movement downwards.
However AUDUSD has been on a downward trend after completing 5 waves upwards.
Technically, persistent deterioration below the 0.7130 level would put the pair at risk of hitting 0.705 ; 0.6985 ; 0.693 as we expect a 3 wave movement downwards.