The AUDUSD rallied from 0.7140 levels as expected yesterday, which is the fibonacci 0.618 support of the previous rally, labelled as Wave A or 1 on the chart. If this wave structure holds for now, we could expect a continued rally through 0.7370 levels from here as potential Wave 3 or C unfolds. On the other hand if a more complex correction occurs, we could see prices turning lower and testing 0.7140 levels again before resuming rally. In general, AUDUSD could remain a potential buy until prices stay above 0.7080 levels going forward and a safe trading strategy could be to add on dips towards 0.7140 levels again.
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.
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.