AUD/USD is trading in the 0.6590s on Tuesday as it continues correcting back from its May 3 high above 0.6600.
AUD/USD is correcting back within a short-term uptrend. It will probably eventually find support and resume its bullish bias. The pair may have formed a Measured Move with a target for ending wave at 0.6680. The pull back is probably only a temporary correction. The rising sequence of peaks and troughs on the 4-hour chart suggest the pair is in a short-term uptrend, which given the old adage that “the trend is your friend”, is biased to eventually continue higher.
The correction could unfold down to support in the rectangular pale green zone drawn on the chart just above the lower trendline. From there price will probably resume its uptrend. A break below the trendline, would be a bearish sign, suggesting a potential reversal. If the uptrend resumes it will probably rise back up to the 0.6649 resistance level of the May 3 high, then a target at around 0.6680. AUD/USD has probably formed a Measured Move price pattern since the April 19 lows.
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