Elliott Wave Forecast Team
ElliottWave-Forecast.com
Since the low of October 2022, AUDUSD has rallied and faltered multiple times. The pair has been in a range between the high of February 2023 and the low of October 2022. However, even within a range, traders can spot opportunities in the shorter time frames. As for the Aussie, the pair completed the supercycle degree wave (I) in March 2020. Since the end of wave (I), the pair has rallied sharply with an impulse sequence that ended in February 2021. Since then, it has been in a corrective cycle that we have identified as a double three structure. We update the detailed weekly and daily charts every weekend, or sometimes within the week, for members to understand the long-term path.
Our long-term forecast sees the rally from the October 2022 low as a connector that could lead to the extension of the larger bearish corrective sequence from February 2021. Meanwhile, the last setup on AUDUSD was along the path of the connector—upside. Within the 30-month range, we expected the pair to hit at least 0.6955. With this in mind, we shared a bullish bias with members on the H4 and H1 charts. Let’s look at the latest setup on this pair.
AUD/USD Elliott Wave analysis
On 09.09.2024, we shared the H4 chart above with members. After the price completed wave (X) of ((X)) on 08.05.2024, it rallied sharply with an impulse structure. We identified the impulse sequence from 08.05.2025 as wave A of (Y) of ((X)). In addition, we identified the pullback that followed as a corrective double three structure, labeled as wave B. Thus, we expected that wave B would find support in the extreme zone between 0.6629 and 0.6543. From the extreme, we anticipated at least a 3-swing bounce. We provided the extreme zone for independent members who would like to buy in this kind of scenario. While that was the path we expected, we would prefer to buy after wave A’s high is breached. Consequently, we can buy the next pullback.
AUD/USD Elliott Wave analysis
AUDUSD, H4
Price reached the extreme as expected, confirming the completion of a double zigzag structure for wave B. Afterwards, an impulse rally followed in wave ((i)) of C. Thus, wave C could extend to 0.7090. Meanwhile, we are expecting a breach of wave A high, opening more room to the upside and confirming that wave B has finished. Afterward, we would like to buy pullbacks when they complete 3, 7, or 11 swings.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.
Recommended Content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.