From 1.1097 in may 2011 to 0.6817, according to the weekly chart below price dipped in a typical impulse wave. According to the wave theory, price usually rallies in a 3-wave correction after a motive (impulse) wave. So Audusd may have bottomed at 0.6817.
The sub-wave rally that followed after the dip, is a clear impulse wave which may later be a sub-phase of the larger term corrective phase.
Price is expected to rally to 0.8880 in the long term.
Short Term View:
The rally from 0.6817 is a clear impulse wave, a corrective dip could follow to probably 0.7276 (50% fibo retracement) before the long term bullish correction resumes.
Intra Day View
The 1hr chart above shows that price is trying to break below wave(iv) of the 5th subwave. This could trigger an intra day bearish move to 0.7460 and below.
The sub-wave rally that followed after the dip, is a clear impulse wave which may later be a sub-phase of the larger term corrective phase.
Price is expected to rally to 0.8880 in the long term.
Short Term View:
The rally from 0.6817 is a clear impulse wave, a corrective dip could follow to probably 0.7276 (50% fibo retracement) before the long term bullish correction resumes.
Intra Day View
The 1hr chart above shows that price is trying to break below wave(iv) of the 5th subwave. This could trigger an intra day bearish move to 0.7460 and below.
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