We expect the AUD/USD pair to turn higher, probably for a five wave recovery within wave C that belongs to a higher degree flat correction. There could be more weakness after a completion of wave C), near the 0.7600 level.
AUD/USD, 1H
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A Flat correction is a three-wave pattern labeled A-B-C that generally moves sideways. It is a corrective, counter-trend and is a very common Elliott pattern.
Basic Flat Patter:
