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AUD/USD - looking to re-test Thursday's low

FX:AUDUSD   Australian Dollar/U.S. Dollar
  • Plotting wave count on hourly chart indicates 5-wave structure in progress with an extended third wave.
  • Within an extended third wave.. the 5th wave appears to have resumed, which could end up taking the pair to previous day's low of 0.7176 levels.
  • A break below 0.7176 levels would open doors for 0.71 handle.
  • If pair rebounds from 0.7176 levels, it would signal 5th wave truncation inside an extended third wave and thus may result in a sharp technical correction towards 0.7367 (May 17 high).
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