Bottom line: AUDUSD bullish structure prevails until prices stay broadly above 0.6750 levels, which is potential Wave (2)/B termination.
Technical Analysis:
AUDUSD bulls are firmly under control since Wave (2) terminated around the 0.6750 mark on November 29, 2019. Since then a lower degree Wave 1 can be seen towards 0.6860 levels, followed by a Wave 2 retracement that has potentially terminated at 0.6797 or could drop to 0.6790 levels before the 3rd of (3) rd wave rally could resume. The medium term structure also remains constructive for bulls while prices stay above 0.6750 levels, going forward. We can expect at least one more high towards 0.7200 levels as Wave (3)/C unfolds. It would be interesting to see it AUDUSD rally sub divides into 5 waves since 0.6668 lows print on October 01, 2019 earlier. In that case, the Aussie Dollar could be seen above the 0.7300 mark at least, this is also past resistance on the daily chart. Please note that initial rally between 0.6668 and 0.6914 was an impulse marked as Wave (1)/A; which was followed by a 3 wave corrective drop towards 0.6750, marked as Wave (2)/B on the above chart. If this structure holds true, AUDUSD price should remain above 0.6750 and we should witness a 5 wave rally towards 0.7200 levels as Wave (3)/C unfolds. A high probable trade direction from here is expected to be on the north side, against 0.6750, with potential target above 0.7200 levels respectively. Only a drop below 0.6750 and subsequently 0.6668 levels would nullify the above bullish scenario and change the medium term wave structure as prices seek yet another bottom. At the moment, watch out for a potential bullish reversal around the 0.6790 levels, as the 3rd of (3) rd wave is expected to resume.
Prepared by
Harsh Japee, Technical Analyst
AUDUSD Chart
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