AUDUSD takes out initial resistance at 0.7080

AUDUSD hourly chart story could be looking constructive for bulls, with initial resistance being taken out at 0.7080 levels as indicated on the chart here. Also note that AUDUSD has broken above immediate trend line resistance as well. The rally between 0.7040 and 0.7090 levels could be the first wave of a lower degree, within the proposed 5 wave rally towards 0.7370/0.7500 levels respectively. It this wave count holds true, prices should remain above 0.7040 levels going forward. it could be a safe trading strategy to look to go long on dips towards 0.7060/70 levels, with risk below 0.7040 levels respectively.


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