Our preferred Elliott wave suggest AUDUSD downtrend is mature in the higher time frames but mid-term cycles still remain bearish against 3/24 (0.7937) high. Decline from 0.7937 – 0.7529 took the form of triple three structure and completed wave “W”. Wave “X” bounce is in progress and has already reached 1.236 ext of ((w))-((x)) at 0.7805. Another high toward 0.7828 – 0.7852 could still be seen to complete wave “X” before decline resumes. Ideally price should hold below 0.7886 but only a break of pivot at 0.7937 (3/24) high would negate this view and open another extension higher. We don’t like buying the pair and favour the short side as far 0.7886 and more importantly pivot at 0.7937 high remains intact.
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