Elliott wave analysis of AUD/USD for July 19, 2021

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The Aussie dollar is testing triple resistance at 0.7379, which we expect will be able to protect the downside for the next impulsive rally towards 0.8795. A break above the former peak at 0.88007 will be very positive for the Aussie long term.

Short-term a break above minor resistance at 0.7503 will indicate that wave 2/ has completed and wave 3/ towards 0.8795 is unfolding.

Trading recommendation:

Buy AUD here or upon a break above 0.7503 for a rally towards 0.8795

The material has been provided by InstaForex Company - www.instaforex.com

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