TF: 12 Hr
AUDUSD looks like a good buy for a leg higher around the 0.618 retracement of the previous impulse wave that broke structure around $0.68. Another area of interest for a move higher is around $0.6550. Since the previous wave was impulsive out of the correction zone, my bias is long around the 0.618 levels.
A bearish scenario that could unfold is price grabbed liquidity above the $0.68 level and continues down to breach $0.6550. If this happens a full leg lower below ~0.6450 could play out and price may trade down around $0.6250 to $0.6300 before a reaction or move higher.
AUDUSD looks like a good buy for a leg higher around the 0.618 retracement of the previous impulse wave that broke structure around $0.68. Another area of interest for a move higher is around $0.6550. Since the previous wave was impulsive out of the correction zone, my bias is long around the 0.618 levels.
A bearish scenario that could unfold is price grabbed liquidity above the $0.68 level and continues down to breach $0.6550. If this happens a full leg lower below ~0.6450 could play out and price may trade down around $0.6250 to $0.6300 before a reaction or move higher.