We bring back the medium term structure on the hourly chart displayed here. After dropping 5 waves lower from 0.8130 through 0.7085 levels labelled as wave (1), the Aussie Dollar could be producing an expanded flat corrective structure. Please note that waves A and potential B seems to be already in place at 0.7313 and 0.7041 levels respectively. For this wave structure to remain, prices should stay above 0.7041/42 levels going ahead. A bullish reversal here could be expected to push prices higher towards 0.7375 levels resistance as a soft target. Overall 0.7041/42 levels remain critical for bulls to remain in control.
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.