Short term Elliott Wave View in AUDUSD suggests the rally from 5.22.2020 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from 5.22.2020 low, wave (1) ended at 0.668 and dips to 0.6566 ended wave (2). Pair then resumed higher in wave (3) as an impulse in lower degree. Up from wave (2) low at 0.6566, wave 1 ended at 0.668 and pullback in wave 2 ended at 0.6615. Pair then resumed higher in wave 3 towards 0.6895, wave 4 pullback ended at 0.6866, and wave 5 of (3) ended at 0.6983. Wave (4) pullback is currently in progress to correct cycle from 5.27.2020 low before the rally resumes.
Wave (4) pullback is unfolding in 3, 7, or 11 swing. Currently, it has ended 3 swing pullback, and pair still has scope to do 7 swing as far as it stays below wave (3) at 0.6983. However, if pair extends higher to above 0.6983 from here, then wave (4) is completed. We do not like selling the pair and as far as pivot at 0.6566 low stays intact, expect dips to continue to find buyers and pair to extend higher.
AUDUSD 30 Minutes Elliott Wave Chart
