$AUDUSD Short-term Elliott Wave Analysis 8.18.2016

Preferred Elliott wave count suggests that rally to 0.776 ended wave ((w)) and wave ((x)) pullback is proposed complete at 0.7673. Rally from there is unfolding as a double three and there’s enough number of swing to call wave “w” completed although a marginal high still can’t be ruled out towards 0.774 area. Pair is expected to pullback in wave “x” soon, and as far as the pullback stays above wave ((x)) at 0.7673, expect further continuation higher. We don’t like selling the proposed pullback.

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