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, another leg higher in wave 5 still can’t be rule out 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 0.7489. While pullbacks stay above there, expect AUDUSD to resume higher in wave 5 towards 0.7588 – 0.7618 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 0.7489 could be an indication that the cycle from 12/23 low has ended and pair could see larger degree correction lower.
At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.
Back