$AUDUSD Short-term Elliott Wave Analysis 8.19.2016

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 where wave w ended at 0.7723 and while wave x pullback stays above 0.7606, expect pair to resume higher. A break below 0.7606 suggests pair can extend lower to 0.7566 – 0.7596 area as a triple three from 8/11 peak to complete wave ((x)) before pair resumes higher or at least bounce in 3 waves. We don’t like selling the proposed pullback.

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