Short Term Elliott Wave view in EURAUD suggests the rally from February 21, 2019 low (1.5736) is unfolding as a 5 waves diagonal. Up from 1.5736, wave 1 ended at 1.6019 and the decline to 1.5803 ended wave 2. Pair then continues the rally in wave 3 to 1.6072 and pullback to 1.5935 ended wave 4. In the 1 hour chart below, we can see the internal of wave 3 unfolded as a 5 waves in lesser degree. Up from wave 2 at 1.58, wave ((i)) ended at 1.5963, wave ((ii)) ended at 1.5876, wave ((iii)) ended at 1.6046, wave ((iv)) ended at 1.5976, and wave ((v)) of 3 ended at 1.607.
Wave 4 pullback has ended as a double three Elliott Wave structure at 1.5935. Down from 1.607, wave ((w)) ended at 1.5965, wave ((x)) ended at 1.6038, and wave ((y)) of 4 ended at 1.5935. Near term, while pullback stays above 1.5935, but more importantly above 1.5803, expect pair to extend higher. We don’t like selling the pair and expect further strength in the pair. Possible upside target wave 5 equal to wave 1 comes at 1.621 – 1.627 area.
1 Hour EURAUD Elliott Wave Chart
