The AUDUSD took off resistance yesterday and printed highs at 0.7229 levels before pulling back lower. The structure is looking constructive for bulls to accelerate from here and could be possible that a meaningful low is in place at 0.7098 levels. Looking at the wave counts as well, probably an impulse is now looking complete from 0.8130 levels to 0.7098 respectively. If this structure holds well, AUDUSD should be well poised to produce a 3 wave corrective rally towards 0.7500/0.7600 levels going forward. A safe trading strategy could be to hold/add further on the long side from here on.
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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.