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The Aussie is trying to recover from the low of 0.968, but for now a substructure of that bounce looks corrective.

The  pair is also approaching a key resistance area around 0.9937-a former wave 4.

AUD USD Elliott Wave Analysis May 30 2012

Guest post by Gregor Horvat

If the bearish trend will continue then this the current price is an ideal zone for a downtrend continuation.

An impulsive fall from that resistance will indicate that we are on the right track.

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