AUD/USD could drop to 0.6432 - Goldman Sachs

The AUD/USD market is in the fifth wave of a bearish sequence that started at the July 2011 high of 1.1080 and could drop to 0.6432, according to analysts at Goldman Sachs.

Key quote

• At the very minimum, a wave 5 will typically retrace the full extent of its move since the bottom of wave 4 which in this case would mean re-testing the lows from Jan. '16 at 0.6827. It could also eventually extend as far down as 0.6432 (if equal to the length of wave 1).