AUD/USD reached a key upside target on May 16 and has retraced.
AUD/USD has reached the bullish target for a price pattern that formed at the April 19 lows. It is currently correcting back but the overall uptrendsuggests it will recover. Support from the zone around the trendline is likely to provide the springboard for a reversal higher. The pair is in a short-term uptrend and the pull back is likely to be a temporary correction before the uptrend continues.
6714 high of May 16 will create a higher high and confirm a continuation of the uptrend. The pair has now reached the target for the Measured Move pattern which formed from the April 19 lows. Measured Moves are zig-zag like patterns composed of three waves, usually labeled A, B and C. The general expectation is that wave C will reach either the same length as A or a Fibonacci 0.681 ratio of A. Wave C has now fulfilled both these targets.
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