Morgan Stanley technical analysis (from Sheena Shah), a longer-term Elliot Wave look at the AUD/USD
I'm not a user of Elliot Wave myself, but I know its plenty popular out there. Any Elliot Wavers like to weigh in with their interpretation?
The recent break of the resistance at 0.7533 has provided AUDUSD with further downside momentum.
We are bearish over the long term, targetting 0.64 for 4Q16.
AUD is currently in a 5th wave part of a larger [3]rd wave.
The substructure of the 5th wave is incomplete, suggesting that there is further medium-term downside for the currency pair and rebounds should be used to sell.