Aussie Extends Rally as Risk Appetite Lifts Commodity Currencies

AUDUSD is recovering very nicely, as we identified that the three-wave retracement from the March highs likely completed at 0.6833, followed by a strong move out of the corrective channel, which confirmed that the trend is turning back to bullish. Price traveled above 0.7190 highs, showing strong upside momentum from the March low. At the same time, price tested impulse channel resistance, so there is a chance of a near-term slowdown. However, it is still too early to confirm that the higher degree wave five is complete unless we see a break below the lower trendline support around 0.7100. This would cause a minimum three wave drop then, closer to 0.7. Alternatively, after that retracement, there is still room for more upside toward the 0.7300 to 0.7400 area if impulse extends, after subwave 2

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