FXTM

AUDUSD Counts Suggesting A Sharp Bullish Reversal ?

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
We are presenting the daily chart again after several trading sessions with the most probable wave counts and the RSI oscillator today. The AUDUSD -0.53% pair could be very close to terminating its wave 5 lower from 0.8130 levels. The 38% drop of waves 1 to 3 is seen at 0.7147 levels and prices are seen to be trading at 0.7146 levels at this point in writing. Furthermore, the RSI has been showing bullish divergence as depicted on the chart here. If the above structure holds, we could see a meaningful bottom forming around 0.7140/50 levels and the AUDUSD -0.53% pair could reverse higher. A consistent break lower would push towards the 68% of the drop between waves 1 and 3 at 0.6950 levels. Probabilities for the latter scenario remains less though.

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