AUDUSD : Intraday View

AUDUSD is at the highs with five waves up within a red wave 5). Leg up from 0.7000 is looking very extended so we think that upside can be limited at 0.7230-0.7260 area. That said, traders must be aware of a pullback to lower levels, with minimum in three waves possibly even back to 0.7150 in sessions ahead. Break of wave iv low at 0.7204 would be important evidence that top of wave 5) is in.

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