Elliott Wave view on AUDUSD suggests that the decline to 0.7199 ended Intermediate wave (W). Intermediate wave (X) rally appears complete at 0.7382. The internal of Intermediate wave (X) unfolded as a zigzag Elliott Wave structure. Minor wave A of (X) ended at 0.7287, Minor wave B of (X) ended at 0.7248. and Minor wave C of (X) completed at 0.7382.
The decline from there takes the form of an impulse Elliott Wave structure where Minute wave ((i)) ended at 0.7234. The subdvision of Minutte wave ((i)) also unfolded in 5 waves Elliott Wave structure of lesser degree. Minutte wave (i) ended at 0.733 and Minutte wave (ii) ended at 0.737. Pullback to 0.728 ended Minutte wave (iii) and Minutte wave (iv) bounce ended at 0.7302. Finally, the move lower to 0.7234 completed Minutte wave (v) as well as Minute wave ((i)).
Minute wave (ii) rally is currently in progress to correct cycle from 8/22 peak (0.738). As far as pivot at 0.738 high stays intact during the rally, expect pair to extend lower. We don’t like buying the proposed rally and expect sellers to appear in 3-7-11 swing provided pivot at 0.738 is holding.
AUDUSD 1 Hour Elliott Wave Chart
