The AUDUSD dropped to 0.7030 levels last Friday, before bouncing back. It remain just shy of breaking below 0.7020 levels, defined as interim support and Head of the proposed inverted H&S on the chart here. It is seen to be trading around 0.7060 levels at this point in writing, just in the sell zone of the resistance trendline as seen here. It could still be considered a potential right shoulder being carved out, but prices should remain above 0.7020 levels going forward. The structure might still be considered as Wave 1 (5 waves impulse), followed by Wave 2 (3 waves corrective) which terminated just above 0.7020 levels. Please note that if bulls manage to hold above 0.7020 levels and also break the immediate resistance seen at 0.7150 levels respectively, it could be considered be encouraging for further rally towards 0.7500 levels.
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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.