There is nothing much to describe about the price action in AUDUSD since Friday. It remains more or less the same with Wave B correction lower. Please note that 0.7175 levels could still be considered as a potential support, with fibonacci 0.618 passing through. Looking at the medium term wave structure, AUDUSD is on track to carve out a 3-3-5 corrective rally towards 0.7370 and 0.7500 levels going forward. It is a safe trading strategy to remain long and one could also add towards 0.7175 drop. Prices are expected to remain above 0.7085 levels going forward.
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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.