0.7020 levels need to hold for AUDUSD bulls to stay in control

The AUDUSD dropped to 0.7030 levels last Friday, before bouncing back. It remain just shy of breaking below 0.7020 levels, defined as interim support and Head of the proposed inverted H&S on the chart here. It is seen to be trading around 0.7060 levels at this point in writing, just in the sell zone of the resistance trendline as seen here. It could still be considered a potential right shoulder being carved out, but prices should remain above 0.7020 levels going forward. The structure might still be considered as Wave 1 (5 waves impulse), followed by Wave 2 (3 waves corrective) which terminated just above 0.7020 levels. Please note that if bulls manage to hold above 0.7020 levels and also break the immediate resistance seen at 0.7150 levels respectively, it could be considered be encouraging for further rally towards 0.7500 levels.


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