$AUDUSD Short-term Elliott Wave Analysis 6.23.2016

Short term Elliottwave structure suggests rally to 0.7504 ended wave ((w)), and pullback to 0.7283 ended wave ((x)). From 0.7283 low, pair ended wave (w) higher at 0.7512, and we take the more aggressive view and call wave (x) pullback completed at 0.7439 as pair has since broken above 0.7512 again. While pair now stays above wave (x) at 0.7439, favor the pair to extend higher. If pair breaks below 0.7439, then pair can do a flat structure and extend lower to further correct rally from 0.7283, but in the event that this happens, we still like to see the pair resume rally higher as far as 0.7283 pivot stays intact. We don’t like selling the pair and favor extension higher against 0.7439 in the first degree and against 0.7283 in the second degree. .

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