EURAUD Short-Term Elliott Wave view suggests that the decline to 1.5057 ended Intermediate wave (X). The rally from there appears to be unfolding as a 5 waves impulse Elliott Wave structure, suggesting that as long as the pullbacks stay above 1.5057, it could see further upside. Up from 1.5057, Minute wave ((i)) ended at 1.5234, Minute wave ((ii)) ended at 1.5075, Minute wave ((iii)) ended at 1.5606, Minute wave ((iv)) ended at 1.5481, and Minute wave ((v)) ended at 1.5657.
The 5 waves 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. Near term, expect another leg lower in Minute wave ((y)) of B towards 1.529 – 1.542 area before pair resumes the rally higher or at least bounce in 3 waves. Instead of going lower, if pair resumes higher from here and break above Minor wave A at 1.5657, then Minor wave B is already complete at 1.5451. We don’t like selling the pair and expect buyers to appear in 3, 7, or 11 swing dips as far as pivot at 1.5057 low stays intact.
EURAUD 1 Hour Elliott Wave Analysis