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 as a diagonal before pair ends the cycle from 12/23 low. Rally to 0.735 is labelled as Minor wave 1 and dip to 0.7283 is labelled as Minor wave 2. Up from there Minor wave 3 ended at 0.7568 and Minor wave 4 pullback is proposed complete at 0.7488. Pair is currently in Minor wave 5 as an ending diagonal with subdivision of 3-3-3-3-3, where Minuette wave ((iii)) is expected to end soon and a Minuette wave ((iv)) pullback should be seen in 3, 7, or 11 swing before one more push higher in Minuette wave ((v)). While pullbacks stay above 0.7488, expect AUDUSD to resume higher within Minor wave 5 towards as high as 0.762 – 0.768 area to complete 5 waves move up from 12/23 (0.7155) low. Afterwards, expect a larger degree correction in Intermediate wave (B) in 3, 7, or 11 swing to correct cycle from 12/23 low. A break below 0.7488 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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