Intraday Elliottwave Analysis: AUDUSD, neutral in the tight range

Yue Wang LinoCapital

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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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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