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AUDUSD Recovery Continues as Bulls Defend 0.7100 Support
Aussie is again on the rise after stabilizing at the previous swing support around 0.7100, so it now appears that the drop from the first half of the week was only a wave B flat correction. That means the higher degree recovery away from the 0.7080 area is still in play and could continue as a counter trend movement, although the upside may remain limited with wave C now potentially moving into the 0.7180 to 0.7200 resistance zone. For that reason, there is still a chance that the pair turns lower again while the market trades below the 0.7278 invalidation level, which was the high from the beginning of May.
Watch our recording of Monday's session livestream here - https://youtu.be/HYzzrQopHXY
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