$AUDUSD Short-term Elliott Wave Analysis 6.22.2016

Short term Elliottwave structure suggests rally to 0.7504 ended wave ((w)), and pullback to 0.7283 ended wave ((x)). As pair already breaks above 0.7504, it  has resumed the next leg higher in wave ((y)). Internal of wave ((y)) is unfolding in a double three where wave (w) is proposed over at 0.7512, and wave (x) is currently in progress towards 0.733 – 0.7397 area before the rally resumes. We don’t like selling the proposed pullback and prefer buying wave (x) dips in 3, 7 or 11 swings as far as 0.728 pivot stays intact.

11AUDUSD 6020160621214516

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