AUDUSD needs to stay above 0.7040 to keep structure intact
The AUDUSD recent structure is still not giving clear signs of a meaningful bottom in place at 0.7040 levels. The single currency pair almost reached our initial objective at 0.7130/40 levels before reversing sharply lower. Till this point of writing, the AUDUSD has not broken 0.7040 lows and the drop also looks to be in 3 wave i.e corrective. We would still believe that until prices stay above 0.7040 levels, bulls could regain control and prices resume to rally towards 0.7370 and higher. It could be safe to remain cautiously bullish keeping risk just below 0.7040 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.
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