AUDUSD – Bullish Gartley complete – looking for higher levels above a stop at 1.0247

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AUDUSD – The dip was bought and the rally sold resulting in AUDUSD posting little net change for the day while trading within Friday’s range (1.0339-1.0238). Although gains have been rejected again overnight the 3 wave sequence is now assessed as being complete at 1.0247 (see chart) and the bias now turns to the upside once more. This price action has formed a bullish Gartley Pattern on the intraday chart. As long as this base stays intact buyers should dominate today.. The profit targets are 1.0306, 1.0340 and 1.0393.

AUDUSD

The risk would be selling through a stop of 1.0247, the overnight low.