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Aud/Usd lost some ground in the past week, moved few pips below 1.0580 region but enough for invalidation of any bullish impulsive incomplete structure. As such, we think that top is in place, despite hawkish RBA at the end of the week, when pair found the support around 1.0535.

Guest post by Gregor Horvat

From a technical point of view, prices reversed only into a corrective phase, labelled as a black wave 2/B.  

If we are on the right track then pair may test 61.8% retracement region before downtrend resumes, but the most important is that 1.1008 top remains in place.

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