EURAUD Elliott Wave view suggests Intermediate wave (X) ended with the decline to 1.5057. The rally from there unfolded in 5 waves impulse Elliott Wave structure, and this means that while pullbacks stay above 1.5057 low, it could see further upside. Up from 1.5057, Minute wave ((i)) ended at 1.5234, decline to 1.5075 ended Minute wave ((ii)), Minute wave ((iii)) ended at 1.5606, decline to 1.5481 ended Minute wave ((iv)), and Minute wave ((v)) ended at 1.5657.
The 5 waves impulsive rally from 1.5057 low ended Minor wave A of a zigzag Elliott Wave structure. Minor wave B is currently in progress as a double three Elliott Wave structure. Minute wave ((w)) ended of B at 1.545 and Minute wave ((x)) of B ended at 1.5626. While below 1.5657, pair has scope to reach 1.529 – 1.542 area to end Minute wave ((y)) of B. Afterwards, pair should resume the rally higher or bounce in 3 waves at minimum. We don’t like selling the pair and expect buyers to appear in 3, 7, or 11 swing as far as pivot at 1.5057 low stays intact.