AUDUSD Elliott Wave View: More Downside Is Expected
|AUDUSD short-term Elliott wave view suggests that the bounce to 0.7455 high ended intermediate wave (B). Down from there, the pair has broken to new lows confirming the intermediate wave (C) lower. The internals of the decline is unfolding as impulse where Minor wave 1, 3 & 5 are expected to unfold in 5 waves structure. While Minor wave 2 & 4 can be can be any 3 wave corrective pattern i.e either double, triple three etc.
Down from 0.7455 high, Minor wave 1 is proposed complete at 0.7201 low. The internals of that decline showing sub-division of 5 waves structure in lesser degree cycles. Where Minute wave ((i)) ended in 5 waves structure at 0.7431. The Minute wave ((ii)) bounce ended at 0.7445. Then Minute wave ((iii)) ended at 0.7249 low in lesser degree 5 waves structure. Up from there, the bounce to 0.7299 high ended Minute wave ((iv)). Below from there, the decline to 0.7201 low ended Minute wave ((v)) in lesser degree 5 waves structure and also completed Minor wave 1 of (C). Above from there, the pair is doing a Minor wave 2 recovery & expected to fail in 3, 7 or 11 swings as far as a pivot at 0.7455 high stays intact for further downside. We don’t like buying the pair & prefer more downside against 0.7455 high.
AUDUSD 1 Hour Elliott Wave Chart
Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.