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With no RBA rate hike on Tuesday, with poor Retail Sales numbers and now also lower stocks and commodities, Aud/Usd does not have a chance for a rise..

Guest post by Gregor Horvat

From an Elliott Wave perspective, Aud/Usd shows more and more powerful signs of a third wave, since price fell below the trading channel. In fact a further weakness towards 161.8% extension level, shown around 1.0640 region should confirm a third wave situation of an impulsive decline. In Elliott wave theory an impulsive decline is structured by five waves and as such, traders should keep an eye on a wave (iv) pull-back very closely to catch a downtrend, while pair trades below highest resistance line and 1.0844 critical region. ..

In fact Australian dollar is not weak just against the USD, its much weaker against the Euro this week, as discussed in our video here

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