E Correction On Aussie Can Face Support Around 0.706 Level; More Upside In View

AUD/USD is recovering since the beginning of the year, giving us an idea that a five-wave decline had found a low at the 0.667 level, and that now a three-wave recovery is in play. This recovery has already unfolded wave A), and is now unraveling corrective wave B), which can show up as a flat correction. This flat correction can later look for support and a bounce near the 0.706 level (level of a former swing low), from where a new, five-wave, minor recovery into wave C) can follow. A later break above the 0.726 level would confirm a bullish continuation.


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