Bottom line: AUDUSD might have formed a potential bottom around 0.6430 levels on February 28, 2020. It is expected to print higher highs and higher lows until 0.6430 is in place.
Technical Analysis:
AUDUSD seems to have finally formed a bottom around 0.6430 levels last Friday and has managed to rally over 220 pips since then. Please note that initial resistance at 0.6624 has also been taken out by Aussie bulls before pulling back. Looking at the short term wave counts since 0.6430, AUDUSD might have produced a potential leading diagonal towards 0.6650 levels. If the above is correct, we should expect a corrective drop lower but prices should remain above 0.6430. The corrective could potentially terminate between 0.6480 and 0.6516, as a lower degree Wave ii (not labelled on the chart for now). It is then expected to resume its wave iii rally towards 0.6990 and possibly break above a meaningful resistance at 0.7030 respectively. Most traders might be willing to initiate long positions around the 0.6500 mark with a protective stop loss below 0.6430 and projected targets above 0.6990/0.7030 levels respectively. Looking at the higher degree wave structure, the AUDUSD seems to have terminated a larger degree corrective drop since 1.1000 levels. A major support on the weekly chart is seen towards 0.6050 and until prices stay above that, the long term bullish structure prevails. Looking at the recent rally, it might be considered safe to initiate long positions against 0.6430 and target above 0.7030 resistance. Also note that a break above the immediate trend line resistance shall be encouraging for bulls to continue further. Immediate resistance is seen at 0.6750, followed by 0.6930 and 0.7030 respectively. A break above all would confirm that bulls are firmly in control and AUDUSD would be good candidate that traders might consider to buy on dips..
Prepared by
Harsh Japee, Technical Analyst.
AUDUSD Chart
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