Guest Commentary: MarketVisionTV - Is There Any Reason Why AUDUSD Should Change?
We remain bearish the Aussie but there is no reason to expect a change in market conditions.
* Aussie remains within a major 94-1.11 consolidation top.
* Although this projects aggressive medium-term long term weakness there is no reason to expect any change in the current market conditions.
* We remain bearish and short for continued downward ratcheting NEXT WEEK.
Aussie remain erratic but bearish providing clear shorter term, opportunities within a very bearish medium term backdrop.
Having reversed from the major 1.1080 C=A target to the extension point of 94 and effectively failed a double retracement back to the 1.08-1.1080 highs, it has maintained a very bearish outlook despite the lack of clean price action within a clear 94 1.10 consolidation.
Having faded the 1.0460-80 corrective target and broken the 1.0225 low there is scope to extend this decline to the initial 1.0040 target but with potential later for significant confluence starting with 98.45 c=a 98.10 61.8% of the A wave even a 97.55 C=A from a possible irregular correction at 1.0855.
As such Aussie is likely to settle short term in the 1.0040-1.0225 range but only a rally back through 1.0245 opens a larger correction to 1.0470 possibly 1.0620 before lower.
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