AUD/USD holds uptrend as bulls defend 0.70 support [Video]

A three wave decline on AUD/USD from the recent high into the 0.7 support area, followed by a rebound out of the corrective channel and another push from the outside of that same channel, indicates that bulls are still here. So, we think that the whole pullback from the February highs is wave four, and sooner or later we can expect a new push higher, ideally wave five. The only question is whether this wave four is already finished, or if it could still be more complex, like a triangle.

In either case, after a pullback into our yellow box support zone, we think the market could see a nice bounce. So, if someone is looking to join the trend, I would focus on that yellow box rather than chasing price near resistance.

Deeper support is at 0.69, if 0.7 fails.

Also, AUD CPI came out above the expected number, at 3.8%, so RBA is likely to stay hawkish and that's what can keep AUDUSD uptrend intact.