AUDUSD – Looking for a deeper correction

AUDUSD
AUDUSD
AUDUSD
AUDUSD


AUDUSD - Intraday - We look to Sell at 0.7000 (stop at 0.7030)

Price action has formed an expanding wedge formation. The medium term bias remains bullish. A 5 wave bullish count has been completed at 0.7048. Expect trading to remain mixed and volatile. Intraday, and we are between bespoke support and resistance 0.6936-0.7000. The rally is close to an exhaustion count on the intraday chart. Although the anticipated move lower is corrective, it does offer ample risk/reward today. Further downside is expected and we prefer to set shorts in early trade.

Our profit targets will be 0.6936 and 0.6900

Resistance: 0.7000 / 0.7035 / 0.7182
Support: 0.6936 / 0.6893 / 0.6850

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Day trade idea - cancelled. 10 new free reports posted