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AUD/USD is currently completing the corrective wave 2. Once complete, we should see wave 3 take over for the next impulsive rally towards at least 1.0255. From a classical technical analysis point of view, we see an S/H/S bottom that will be activated upon a break above the neckline resistance at 0.8000. This bottom formation also calls for a rally towards 1.0255.
Short-term we would like to see a break above minor resistance at 0.7069 that will be a strong indication that wave 2 has been completed and wave 3 is in progress.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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