AUDUSD has been drifting sideways, specifically 3 waves since lows were formed at 0.7200 levels earlier. A probable wave count from here could be drop towards 0.7175 levels before bulls could resume higher again. Also note that fibonacci 0.618 support of the previous rally is seen at 0.7175 levels and hence we can expect meaningful support in that region. Nothing much has changed structurally for now and a probable 3-3-5 flat wave structure could be in the making. If this holds true, we could see AUDUSD rallying towards 0.7370 levels at least. The AUDUSD price action has remained subdued for now due to a tight sideways range.
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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.