Bottom line: AUDUSD bulls seem to be in control with prices retracing towards 0.6830 levels for now, before turning higher again. Support stays at 0.6750 levels for now.
Technical Analysis:
AUDUSD bulls would remain in control until prices stay above 0.6750 mark, which is potential Wave (2)/B termination. The short term structure since 0.6750 levels seems to be sub-dividing further into a potential expanded Wave 3 rally that could lead prices above 0.7200 levels going forward. As labelled here a Wave (3)/C rally could be underway since 0.6750 lows and furthermore, lower degree waves 1 and 2 might be in place at 0.6860 and 0.6797 levels respectively. Wave 3 seems to be sub-dividing further, and could be an extended wave, with waves I and ii potentially terminating at 0.6940 and 0.6840 levels respectively. If the above counts hold true, we should witness a Wave iii rally higher towards 0.7100/200 levels, as wave 3 unfolds as an extended wave. The bottom line for above counts to be true is the 0.6750 mark. Overall structure since 0.6668 lows on October 01, 2019 is still constructive for bulls and they should be poised to push through the 0.7200 mark as Wave (3) progresses. Please note that Wave (1)/A terminated at 0.6930, followed by potential Wave (2) termination seen at 0.6750 levels respectively. If the above wave counts hold, a high potential trade setup should be expected on the north side, against 0.6750, with potential targets around 0.7200 at least. It remains to be seen if the AUDUSD unfolds into 5 waves from 0.6668 and pushes further towards 0.7300 levels. Watch out for a potential bullish reversal from current price action (0.6840/50), towards 0.7200 levels. A drop below 0.6750 would delay matters but the bullish structure would remain intact until prices hold above 0.6668 support.
Prepared by
Harsh Japee, Technical Analyst
AUDUSD Chart
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