The aussie has broken down through a major trend-line and then recovered. There is a strong possibility the up-trend will resume and return to the 1.0610 highs as the final fifth wave higher unfolds – a move above the 1.0520 highs giving added confirmation. A break below the monthly pivot at 1.0376 might anticipate a move lower, with 1.0150 targeted eventually.
Written by Forex4you