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AUDUSD Turns Back In Bullish Mode As Price Exceeds 1.0500

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Apr 10 2013

AUDUSD moved through 1.0500 swings which mean that wave II pull-back is complete and that larger uptrend is back in progress again. Rise from 1.0346 can be counted impulsively so we believe that AUDUSD will move much higher in the next few days, maybe even weeks if we consider a possible wave III rise even up to 1.0740 Fibonacci extension level. However, we always tend to focus on minimum expectations so we expect to see 1.0600 as a first target (1.618 x wave II). But before that level is seen pair could make a corrective retracement in blue wave (2) back to 1.0450/60 support zone. But pair however, remains in bullish mode as long as 1.0346 holds.

adu


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