My personal view on this is that there would be further USD weakness therefore I would expect the rising wedge setup to be the more likely response.
I have previously been entertaining the thoughts of a drop to 0.9675 but since this did not occur, the time dissipation seems to indicate further projection to the upside for at least an equality target of 1.0500.
I feel a bit silly having not traded the long AUD on Friday but its in these moments that you negate your first impulse trade (in this case a short position).
I will be supporting a long trade on the AUD with obvious change in thoughts if we see a break below the ascending "e" wave of the wedge.
I agree with Asimov's statement that there are easier markets to be trading than the AUD at this moment but some of you would have more knowledge on the AUD so stick to what you know and how you trade.
All the best this week with your respective trades!
