Elliott Wave view on AUDUSD suggests that the decline to 0.7199 ended Intermediate wave (W). Intermediate wave (X) rally appears complete at 0.7382. The internal of Intermediate wave (X) unfolded as a zigzag Elliott Wave structure. Minor wave A of (X) ended at 0.7287, Minor wave B of (X) ended at 0.7248. and Minor wave C of (X) completed at 0.7382.
The decline from there takes the form of s an impulse Elliott Wave structure where Minute wave ((i)) ended at 0.7234. The subdvision of Minutte wave ((i)) unfolded in 5 waves where Minutte wave (i) ended at 0.733, Minutte wave (ii) ended at 0.737. Pullback to 0.728 ended Minutte wave (iii) and Minutte wave (iv) bounce ended at 0.7302. Finally, the move lower to 0.7234 completed Minutte wave (v) as well as Minute wave ((i)). Minute wave (ii) rally is in progress to correct cycle from 8/22 peak (0.738) and while pivot at 0.738 high stays intact, expect pair to extend lower. We don’t like buying the proposed rally and expect sellers to appear in 3-7-11 swing provided pivot at 0.738 is holding.
AUDUSD 1 Hour Elliott Wave Chart
