AUDUSD extended its losses in the past few weeks which was expected after recent break out of a corrective channel that confirmed a bearish scenario for the pair. In fact, notice that current fall is much sharper and stronger compared to previous overlapping recovery from 1.0145. Well, thats difference between corrective and impulsive structure. Impulses are typically very sharp and directional so we believe that wave (C) is now udnerway, beneath 1.0145 and ideally towards parity. Resistance for next week comes in at 1.0400/50; 50-61.8% Fibonacci retracement level.

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