AUD/USD has been trading downwards. The price tested the level of 0.7127.
According to the 5M time-frame price structure, we found that there are prospects for an upward movement since there is potential fifth point of the wolf's wave bullish pattern. The price of AUD/USD is expected to grow based on this pattern and the current market structure. The EPA (Estimated Price at Arrival) is seen at 0.7165.
Trading recommendation: We are long AUD on intraday prospective from 0.7130 with the target at 0.7165. Protective stop can be placed below 0.7115.
The material has been provided by InstaForex Company - www.instaforex.com