AUDUSD Is Sideways But Still Bullish Within Larger Trend
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Mar 20 2013
Pair has reached 1.0375/1.0400 zone last week that we have been focusing on for some time with our clients, but based on the latest wave structure we could see even higher levels on this pair. The reason is the sub-structure in wave C, which is not in five waves yet so bulls could lift the pair to 1.0430 while pair trades above 1.0330 critical level. The next thing is that latest price action in 1.0340-1.0400 range is sideways which is personality of a corrective movement so we suspect it's fourth wave triangle with break higher yet to come into fifth. Critical level remains at 1.0335, because wave four must not trade into a territory of a wave one.
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