The AUDUSD chart might be suggesting that a meaningful low could be in place at 0.7091 levels or it could be very close to forming one soon. The drop from 0.7450 levels (wave 4 termination depicted here), could be complete (5 waves) at yesterdays' lows or may push through 0.6950 levels before reversing higher. A push above 0.7200 levels consistently from current price action would confirm that a meaningful bottom is in place at 0.7091 levels and that the AUDUSD -0.09% pair is all set to produce a 3 wave counter trend rally higher. We shall again confirm the above scenario when price action unfolds accordingly.
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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.