We discussed about Aussie back on January 22, where we mentioned and highlighted an ongoing wave iii of a five-wave bullish cycle within higher degree wave 3. CLICK HERE
AUDUSD is posting strong gains after bouncing today in response to the RBA’s decision to lift the key interest rate. From a technical perspective, price has been trending higher since breaking out of the base channel in mid-January, and this type of breakout confirms that the market remains in an extended impulsive phase. This suggests that wave three, or wave C, is still unfolding. Importantly, the larger black wave three cycle is not complete yet and should continue to subdivide into five waves. Therefore, after the current retracement phase, further upside is expected into wave 5 of 3/C. Ideally, price should hold above the 0.69–0.70 support zone, which also represents a key psychological level and an important technical floor.
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