AUD/USD - Possible long-term low in place at 0.7410
My long-term preferred count indicates, that a long-term low could be in place with the test of 0.7410. A clear break above resistance at 0.7567 will be a strong indication that this is the case.
If my long-term count is correct, then wave 2/ bottomed with the test of 0.7410 and a new impulsive rally is about to begin in wave 3/ for a rally to above the peak of wave 1/ at 0.8136. The ideal target for wave 3/ is seen at 0.8993.
The possible S/H/S bottom is not really visible on the daily chart, but zoom in and take a look at the 4-hourly chart and see a really nice S/H/S bottom, that will be triggered upon a break above the neckline resistance at 0.7567 for a measure rally to at least 0.7723. So stay focused towards the upside and use a break above the neckline resistance as 0.7567 as you pivot point and divider between a still bearish outlook or a shift towards a bullish outlook.
If my long-term count is correct, then wave 2/ bottomed with the test of 0.7410 and a new impulsive rally is about to begin in wave 3/ for a rally to above the peak of wave 1/ at 0.8136. The ideal target for wave 3/ is seen at 0.8993.
The possible S/H/S bottom is not really visible on the daily chart, but zoom in and take a look at the 4-hourly chart and see a really nice S/H/S bottom, that will be triggered upon a break above the neckline resistance at 0.7567 for a measure rally to at least 0.7723. So stay focused towards the upside and use a break above the neckline resistance as 0.7567 as you pivot point and divider between a still bearish outlook or a shift towards a bullish outlook.