Aussie will not break down from a perceived 6-month top/consolidation. Because momentum also continues to show resilience, both the bullish consolidation and bearish top idea are still on the table. The .9374/.9238 range is key to clarifying the next large move. S/t, a 3-wave rally was recently corrected with a 3-wave decline. The bounce from .9260 is impulsive and suggests further upside ahead. The bounce also came from an are where a retracement and extension aligned to form strong support. Minor resistance at .9330 can push prices to a more important test at .9374; near-term support is .9300. Conviction: Med Levels: Support – .9300, .9260, .9238 Resistance – .9330, .9352, .9374
Read the full report: AUDUSD