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We provide advanced information about Elliott Wave theory in real-time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help market participants, who are interested in Elliott Wave theory, to understand the investor's mood and market cycles. We are doing our best to explain our views as simply as possible when tracking the market cycles from pessimism to optimism and vice versa.
AUD has been one of the weakest currencies in the last two weeks after pair reversed down from around 0.9300 region which has been expected because of a corrective price action since start of July. We are talking about blue wave (4) that was an expanded flat. If that's the case then pair is now in wave (5) that needs to be made by five sub-waves, so more weakness is in view if we consider that price is now at the end of a red wave 3) that will be looking for a temporary support around 0.8850 (261.8% Fibonacci extension of wave two). In the next few days price could recover, but only in corrective fashion back to 0.9000 which could be a nice are for shorts.
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