Well if you see RSI its giving a buy signal at the moment + according to elliot wave we're trading in the 4th wave==bull trap zone or bear flag.
Resistance zones are 0.7300-0.7400 (actual target for the fourth wave)
Now for the 5th wave to become successful==Bears will be waiting to short below 0.7200 targeting 0.7150 support==a weak area, which can be broken, if it is than can expect further downside to 0.7000.
However there is some AUD economic data coming today and tomorrow, retail sales + GDP data. So, the major movement in the market will be during that time. As we're currently trading in fourth wave, in my view the liquidity will be low, so to trade this pair, we need to wait for U.S economic data on Friday to catch the 5th wave :p.....Depends on economic data at this point :)
Resistance zones are 0.7300-0.7400 (actual target for the fourth wave)
Now for the 5th wave to become successful==Bears will be waiting to short below 0.7200 targeting 0.7150 support==a weak area, which can be broken, if it is than can expect further downside to 0.7000.
However there is some AUD economic data coming today and tomorrow, retail sales + GDP data. So, the major movement in the market will be during that time. As we're currently trading in fourth wave, in my view the liquidity will be low, so to trade this pair, we need to wait for U.S economic data on Friday to catch the 5th wave :p.....Depends on economic data at this point :)