Technical outlook:
The Daily chart for AUD/USD suggests that a major impulsive wave lower might have just completed or is on the verge to complete. Today's candlestick pattern is also showing a complete ideal Morning Star bullish pattern completing. If this holds for the day, it is a good indication that AUD/USD is ready for a potential reversal for a huge counter trend rally. Technically, a break above 0.7450 would confirm that bulls are in control and traders should be looking for higher levels to be carved out going forward. Furthermore, the resistance trend line is now passing through 0.7550 levels and a push above that puts the pair clearly into the buy zone and probability of breaking 0.7650 resistance would be higher. Also, the fibonacci 0.618 resistance at 0.7820 levels would be the ideal price for wave((2)) termination at a higher degree.
Trading plan:
Aggressive traders go long, stop below 0.7320, target is at least 0.7650.
Fundamental outlook:
There are no major events lined up for the rest of the day..
Good luck!
