The AUDUSD could be progressing lower into Wave B as discussed yesterday. It is trading around 0.7210 levels at this point in writing, expected to bounce from either 0.7200 or 0.7175 levels respectively. Please note that 0.7175 is fibonacci 0.618 support of the entire previous rally between 0.7085 and 0.7300 levels respectively. Looking into the wave structure, it can be said with more probability that AUDUSD could be carving Wave B for now, before Wave C rally could resume higher towards 0.7370 and 0.7500 levels respectively. At a larger degree, the AUDUSD pair could be producing a 3-3-5 flat wave structure.
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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.