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The bigger picture for Binary Options in AUD/USD appears to stay Bearish, with long-term targets in the Minimum 0.8550 to 0.8300 price area.
AUD/USD is currently in a Minor Wave C of a bigger Wave 2 correction. Wave 2’s likely termination point appears to be the 61.8 to 78.6% retracement of Wave 1, which coincides with the 161.8% projection of Wave C around the 0.8965 area.
The chart below illustrates AUD/USD’s current correction in Wave 2 – It is possible that the current bullish correction is complete, Wave 2 having already retraced 61.8% of Wave 1, but strong bearish momentum looks highly likely to resume around the given areas above.
Click The Binary Options Elliott Wave Chart Below To Expand:
Should AUD/USD continue to decline, it will be a very impulsive decline – Binary Options traders will stand to make better decisions by waiting for this correction to end soon, before bracing for bearish continuation.
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