Here we can see the market held the bottom in the range since last year. This is arguably already a double bottom, with bears starting to unwind it can be viewed as the start of another impulsive move very similar in nature to that of the 2018 rally.
We came a few ticks away from clearing the lows, and now starting to see bulls come in again. Those following in the chatroom will know from good sources the PBoC was sitting on the AUD bid ahead of the G20 summit and is explaining the price action. Confidence for those betting on the topside will increase once we get above 0.93, I am looking for another 5 wave count here from the lows.
To put simply, the highs from the impulsive rally in 2018 are open to be taken. Reassessment of this view is needed if we break lower than 0.912x.
Best of luck all those in AUD pairs.
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Aussie yields ticking higher... very bullish for AUD