Talking Points:
- AUDUSD Technical Strategy: Temporary Bearish
- Elliottwave Count: Primary count suggest wave Y in medium cycle while on alternate count suggest trend changed and we are in third wave
We are tracking this count from a while and initiated short @ 7250 which was stopped out and closed manually @ 7300 levels. After had a bearish trendline breakout on weekly chart, we are looking to see higher levels. But in short term and near future, we are expecting pull back.
Region marked in a chart ranging from 7470-7490 is a potential zone from which retracement can happen. Breakout of 7500 and above level will have bullish count and suggest major recovery.
