AUDUSD Reaching For 0.7800/0.7900
AUDUSD broke higher recently, up into wave C-circled that is part of a big corrective wave IV which looks like a flat. A flat correction is a 3-3-5 pattern; a contra-trend movement that should send price back to the downside after a completion. That said, despite higher prices traders will have to be aware of a bearish turning point as we can already see price in red wave 5) now, final part of wave C-circled that could be looking for a top next week at 0.7800-0.7900 area.
AUDUSD, Daily
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On the lower time frame, AUDUSD is turning up since yesterday when market found support at 0.7628 so looks like that pair is making a bigger wave 5) than before, as leg up from 0.7486 can be in five waves, now still only in wave 3. That said, we have to be aware of a push up to 0.7900 or even 0.8000 in days ahead. Break beneath 0.7628 will invalidate the short-term view and put highs in place of a red wave 5).
AUDUSD, 4H
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