$EURAUD (9.5.2013)

Pair is in large degree  FLAT correction. Wave (( iv )) of C appears to have completed @ 1.4470 so expect this swing lower to end around 1.4200 – 1.4250 before turning higher. Hourly cycles are negative but mid-term cycles are positive so after a drop below 1.4335, traders should only be looking for buying opportunities. A 5 wave higher to break 1.4470 would be the confirmation that FLAT correction is over and rally is resuming.

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