AUDUSD move up from 12/23 low is extending and as pair keeps extending higher with shallow pull backs, it looks like the move up from 12/23 low is unfolding as an Elliott wave impulse and although the cycle is mature, more upside within wave 5 is expected before pair ends the cycle from 12/23 low.
Rally to 0.735 is labelled as wave 1 and dip to 0.7283 is labelled as wave 2. Up from there wave 3 ended at 0.7568 and wave 4 pullback is proposed complete at 0.748. While pullbacks stay above there, expect AUDUSD to resume higher within wave 5 towards as high as 0.7605 – 0.7681 area to complete 5 waves move up from 12/23 (0.7155) low. Afterwards, expect a larger degree correction in wave (B) in 3, 7, or 11 swing to correct cycle from 12/23 low. A break below 0.748 could be an indication that the cycle from 12/23 low has ended and pair could see larger degree correction lower.
AUDUSD 1 Hour Chart
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