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.
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