AUDUSD reversedperfectly lower from 1.0380/1.0400 resistance region that I have been focusingon few days back. Notice that market made a very sharp fall from that level,clearly in impulsive fashion through the lower line of a corrective channelyesterday. Thats a very nice signal for a continuation of a larger trend whichis clearly bearish on AUDUSD from early April high. Ideally, pair is now movinginto a third wave that could extend even down to 1.0100. Any near-term bounceshould prove corrective before new sell-off begins. Pair is bearish as long asprice trades below 1.0386.

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Check Out Our video from April 29 which includes adetailed Elliott Wave Analysis for AUDUSD and as well as GBPUSD.

Click here for the Video