Bottom line: AUDUSD overall bullish structure is expected to remain intact until prices stay above 0.6668 levels, the October 01, 2019 low.
Technical Analysis:
AUDUSD might have terminated at 0.6735 levels yesterday, and a larger degree Wave (3) could be underway towards 0.7200/0.7400 levels going forward. We have adjusted the wave counts here in accordance to the corrective structure that has unfolded. First, the rally between 0.6668 and 0.6930 was an impulse marked a Wave (1). The subsequent price action could be seen as a 3-3-3 corrective wave structure until now. This has been labelled as an A-B-C (could be a combination W-X-Y) complex corrective wave that might have terminated into Wave (2) at 0.6735. If the above counts are correct, AUDUSD bulls would continue rallying from here, keeping 0.6668 intact. Also note that the prices terminated close to fibonacci 61.8% retracement of Wave (1) and the Elliott Channel support line. Alternately, the structure could take shape of a 3-3-5 structure, forming an expanded flat. Prices may drop below 0.6735 levels in the latter case but would still remain above 0.6668 to keep the bullish structure intact. In either case, please be prepared for a Wave (3) rally to resume from current levels or after one more marginal low. Another probability could a triangle unfolding since 0.6930 levels. If that is the case, we still have to wait for further consolidation before Wave (2) finally terminates. Immediate resistance is seen at 0.6880 and a break higher would be encouraging for bulls. No matter what structure unfolds as Wave (2), bottom line is that prices should stay above 0.6668 to keep the bullish structure intact. A high probable trade setup from here is to remain long against 0.6668, with potential targets towards 0.7200 and 0.7400 respectively.
Prepared by
Harsh Japee, Technical Analyst.
AUDUSD Chart
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