Bottom line: AUDUSD bullish structure still remains intact as prices bounced from 0.6845 levels earlier, keeping 0.6751 support intact.
Technical Analysis:
AUDUSD bulls remain in control as Wave 2 of (3) terminated at 0.6845 as expected. Immediate wave counts suggest that a 3rd of 3rd wave could be underway towards at least 0.7200, going forward. Wave (3) might be unfolding as an extension and prices could reach up to 0.7400/0.7500 levels before correcting lower again. The above bullish structure would remain intact until prices stay above 0.6751 mark, which is Wave (2) termination. AUDUSD bulls might have managed to carve lower degree waves I and ii around 0.6919 and 0.6880 levels respectively. If this count is correct, prices should stay above 0.6850 and push higher towards 0.6950/0.7000 levels, going forward. Looking at the overall wave structure since 0.6668 lows on October 02, 2019, the AUDUSD bulls have managed to print Waves (1) and (2) at 0.6924 and 0.6751 levels respectively. Furthermore Waves 1 and 2 of (3) are also in place at 0.7032 and 0.6851. Also note that Wave 2 had retraced up to 61.8% of Wave 1, which is a common fibonacci wave relationship. Looking at the above counts, a high probability trade direction should unfold on the north side, with prices staying above 0.6750. The potential targets for a larger degree Wave (3) termination is towards 0.7200 and 0.7400 levels respectively. Only if AUDUSD breaks below 0.6750, the above bullish structure would be invalid and indicate that AUDUSD might print another low below 0.6668 before turning higher again. For now, watch out for an accelerated rally towards 0.6950/0.7000 as lower degree wave iii unfolds. Please consider placing protective stops below 0.6750 and targeting higher towards 0.7200/400 levels respectively. Bullish sentiment continues to prevail until above 0.6750.
Prepared by
Harsh Japee, Technical Analyst.
AUDUSD Chart
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