The AUDUSD short term chart has been depicted here for probable initial trade entries. It could be noted again that AUDUSD has taken out initial resistance around 0.7200 levels already. That rally can be labelled as wave 1 or A (alternate). A subsequent drop since then is corrective in nature and is at the 50% retracement of the previous rally. In short, a bullish reversal could be expected around 0.7140/60 levels, for a potential rally through 0.7300 and higher levels going forward. Overall, medium term outlook for AUDUSD is looking good to rally.
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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.