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

analytics60f4fcd6e3b55.jpg

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