Elliott Wave Analysis: Intraday View On AUDUSD

FX:AUDUSD   Australian Dollar / U.S. Dollar
FX market is slow today and it may stay that way even till the FOMC Statement and rate decision on Wednesday. Also, lets keep in mind that we are in the middle of summer, which is normally very slow period for markets.

On AUDUSD we did not get a strong fall recently so we assume that market might have already bottomed in wave 5 as an ending diagonal . If that's the case, then new three wave rally is now underway, back to 0.7550-0.7600 area which could be very interesting to join the dowtrend, which should remain in play as long as 0.7676 holds.

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