The AUDUSD pair did not break below its interim support at 0.7040 levels yesterday. As discussed earlier, if 0.7040 levels hold, the wave structure could still remain constructive for bulls to potentially target 0.7375 levels and higher. Please note that the current rally between 0.7043 an 0.7129 could be complete into 5 waves or could print another high above 0.7129 levels to complete the impulse. If the above count remains, we could see a corrective drop but prices could eventually stay above 0.7040 levels and continue pushing higher towards 0.7370 and 0.7500 levels going forward.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.