Intraday Elliottwave Analysis: AUDUSD, neutral in the tight range
|AUDUSD closed back above 0.7501 last week.
However, if Dollar Index still have room to rise, Aussie is hard to fight the major trend.
We do notice a potential inverse head-shoulder bottom on intraday chart, but the upside magnitude is a problem for now.
If failed to maintain the pattern, one touch 0.7367 could not be ruled out.
Only above 0.7600/06 will erase immediate downside risk.
Daily support Levels: 0.7514 0.7512 0.7505 0.7493 0.7481 0.7477
Daily resistance Levels: 0.7531 0.7537 0.7548 .7550 0.7552 0.7566 0.7571
Intraday Trade Idea: (spot 0.7521)
①Buy Limit @ 0.7507 SL @ 0.7460 Take Profit @ 0.7537/0.7548
①Sell Limit @ 0.7551 SL @ 0.7575 Take Profit @ 0.7526
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