AUDUSD has made five waves down from 0.7836 which is the most important and strong evidence of a bearish trend. However, we always need to be aware of corrective reversals, which are short-lived patterns against that five wave structure. That said, current upward reversal is probably a new contra-trend pattern with three waves that will ideally retrace back to 0.7370 resistance from where we would look for a new and even much stronger sell-off.
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