The AUDUSD short term story remains intact for now with bulls in control since 0.7140 levels. It was expected and discussed earlier that the pair could be setting up a decent rally projected through 0.7370 levels, which also converges with earlier price resistance. Looking into the wave structure, it seems that Wave 3 or C is well into progress at this point and could even push higher towards 0.7370 before producing a meaningful pullback. A safe trading strategy from here could be to remain long and look for intraday dips to add further positions. It could be a better strategy to reduce risk to 0.7140 levels now.
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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.