Interested in others' thoughts on this. I'm not sure on the best way to interpret AUDUSD this week. Here's a couple of possible counts I've come up with - short-term bullish in colored, short-term bearish in gray. I'm currently leaning toward the bullish count, which, if accurate, should soon see a rally to or beyond 0.67000.
Alternatively, pair may still be in a higher degree correction off the early December high, which would expect to see extension lower to the 0.64500 area.
If we get clearer bullish confirmation I'm looking to enter long above 0.65840 and target 0.67000, which is the Minuette (blue) 3 v 1 Fib extension on the current bullish count.
If price extends below this count's invalidation of 0.65255 I may short this pair and target 0.64544, the 100% of Minute C v A on the alternative bearish count.
Alternatively, pair may still be in a higher degree correction off the early December high, which would expect to see extension lower to the 0.64500 area.
If we get clearer bullish confirmation I'm looking to enter long above 0.65840 and target 0.67000, which is the Minuette (blue) 3 v 1 Fib extension on the current bullish count.
If price extends below this count's invalidation of 0.65255 I may short this pair and target 0.64544, the 100% of Minute C v A on the alternative bearish count.