AUDUSD H4
I had mentioned on a number of occasions the importance of the 0.82800/900 in Aussie and that a number of Elliott Wave and Gann traders were likely closely watching this level.
http://forexhft.com/audusd-elliott-wave-fraternity-closely-watching-0-82800-see-why/
http://forexhft.com/0-82900-the-resistance-level-to-watch-in-aussie/
Overnight this level was reached and attracted a large amount of selling with the Aussie falling 100 pips in the following two hours, however there has so far been limited follow through in Asian trade and there are now likely a number of large stops sitting just above the 0.83000 high.
If the Aussie sees a solid break above the 0.830000 high I would expect the short covering to continue.
* A 1:1 refers to a current correction being equal in length to a prior correction
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