AUDUSD bounces from 0.618 support at 0.7140

The AUDUSD rallied from 0.7140 levels as expected yesterday, which is the fibonacci 0.618 support of the previous rally, labelled as Wave A or 1 on the chart. If this wave structure holds for now, we could expect a continued rally through 0.7370 levels from here as potential Wave 3 or C unfolds. On the other hand if a more complex correction occurs, we could see prices turning lower and testing 0.7140 levels again before resuming rally. In general, AUDUSD could remain a potential buy until prices stay above 0.7080 levels going forward and a safe trading strategy could be to add on dips towards 0.7140 levels again.


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