AUD-USD Primary and Weekly Report
The AUD was always going higher once it moved above the February 50% level, and it's finally moved to where I thought it would originally going some months ago, a retest of the previous Yearly lows .7553 - .7633
The Primary patterns will always drive the trend and this retest of the previous Primary lows can see the AUD make another move downward.
However, when we look at the lesser timeframes we can see patterns that suggest the AUD should continue higher...
1. Consolidation above the 2016 50% level
2. March 50% thrust pattern and breakout of the MARCH highs.
3. Expectation it will now continue to trend up towards the April highs and continue in 2-month wave pattern upwards MAY highs and as high as the July highs (3rd Quarter)
Therefore the only conclusion is, the AUD is going higher.
However, don't be an the wrong side of the April 50% level if the AUD is coming down from retesting the previous yearly lows and back below the April 50% level. That's a game changer.
