The aussie moved lower in the past week as expected, and hit a projected Fibonacci ratio; 2.00 x wave (1) before reversed to the upside. Notice that current recovery is now already testing falling EW channel resistance line, where a breakout will definitely put wave (4) into action. We will be tracking a three wave rise from the most recent lows, before we may continue to look to the downisde.

Forex Analysis by Gregor Horvat at ForexPros. com