Best reading of Elliott wave cycles suggests EURAUD is in a triple three Elliott wave structure from 10/6 (1.4779) high. Pair has got enough number of swings in place to call the cycle in wave W completed and soon a bounce would be expected to correct the cycle ideally from 9/15 (1.5096) peak and at least from 10/6 (1.4779) peak. Another low to 1.4162 – 1.4065 could still be seen within the cycle but we don’t like chasing weakness at such a late stage in the cycles but once wave “W” is over, we expect the bounce to fail in 3, 7 or 11 swings and find sellers for another leg lower in the pair.
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