Technical outlook:
AUDUSD climbed above 0.6920 intraday on Friday after finding support from the 0.6870 lows on Wednesday. The near-term structure remains constructive for bulls until prices stay above the 0.6830 mark. The currency pair is seen to be trading close to 0.6910 at this point in writing and is expected to resume higher towards the 0.7280 mark in the near term.
AUDUSD might have completed its larger degree corrective wave, which began from the 0.8000 mark as presented on the daily chart. The potential flat terminated at around 0.6830 and is now looking ready to push through the 0.7345 mark at least, if not higher. Please note that the Fibonacci 0.618 retracement of the recent downswing between 0.7660 and 0.6830 is also seen close to the 0.7345 mark.
AUDUSD bears will be poised to be back in control from the 0.7345 mark if prices are able to reach there. Also, note that the recent boundary which is being worked upon is between 0.6830 and 0.7280. Prices have retraced and found support around 0.6850 recently. If the above structure holds well, we should witness a sharp rally towards 0.7345 at least.
Trading plan:
Potential rally through 0.7345 mark against 0.6800
Good luck!
