AUD/USD made a sharp and strong drop around 4th of October down to 0.7730 which we labeled it as sub-wave v of 3.

As such, recent rise was seen as wave 4 correction, that found a top near the former swing high of minor wave four and near the Fibonacci ratio of 38.2. That said, current bearish movement can now be part of a higher degree wave 5. Fibonacci ratio of 261.8 can be reached.

AUD/USD, 4H

 

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