Possible corrective wave on AUDUSD bullish rally
AUDUSD has been on a bullish rally the last few months, now sitting at a strong daily resistance area could it be the start of a corrective wave on the downside for this pair? AUDUSD wasn't able to break pass 0.7608 levels on the weekly chart, plus showing strong rejection towards that area on different timeframes as well. An impulsive wave pattern was formed and with Monetary Policy Meeting on Monday for the Australian dollar and important retail sales data coming out on tuesday for the US dollar it coulld trigger that corrective move to the downside. Waiting for more confirmation to enter a short position. Targets :0.7400, 0.7300, 0.7112 area.
