AUDUSD made a five-wave decline from 2011 highs, and ideally found a low at the 0.550 level. We can see price now sharply recovering in impulsive fashion, and breaking above the upper Elliott wave channel line, which confirms a low in place, and a minimum, three-wave reversal underway. That said, be aware of temporary pullbacks; wave B/2 can start forming, and take price towards the upper side of the upper Elliott wave channel line.
AUDUSD, daily
