The short-term Elliott wave view in AUDUSD suggests that the decline from January 13, 2022 high unfolded in 5 wave impulse sequence & showing a bearish sequence favoring further downside in the pair. While the decline to $0.6962 low has ended wave 1 in a 5 wave impulse sequence. Currently, the pair is correcting the cycle from 1/13/2022 high in wave 2 bounce. And expected to extend higher for another leg higher. The internals of that bounce is unfolding as Elliott wave zigzag correction.
Whereas, the initial bounce to $0.7008 high ended wave (i). Wave (ii) ended at $0.6972 low. Then wave (iii) ended at $0.7076 high in a lesser degree 5 waves & wave (iv) ended at $0.7030 low. Up from there, wave (v) ended at $0.7159 high in another lesser degree 5 waves thus completing wave ((a)) of a zigzag correction. Below from there, the pair is doing a short-term pullback in wave ((b)) and expected to reach $0.7104- $0.7077 area lower. Near-term, as far as the pivot from $0.6962 low stays intact then the pair is expected to start the ((c)) leg higher. Before it gets ready to turn lower again or does a 3 wave pullback at least.
AUDUSD 1 Hour Elliott Wave Chart
