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Elliott Wave View: AUDUSD Corrective Zigzag Rally In Progress

AUDUSD shows a 5 swing incomplete bearish sequence from February 2021 peak favoring further downside to complete a 7 swing double three Elliott Wave structure. Short Term Elliott Wave view suggests AUDUSD ended cycle from October 29, 2021 peak in wave (A) at 0.6993. The internal structure of wave (A) unfolded as a 5 waves impulse. Down from October 29 high, wave 1 ended at 0.7357 and rally in wave 2 ended at 0.743. Pair resumes lower in wave 3 towards 0.706 and bounce in wave 4 ended at 0.7173. Final leg lower wave 5 ended at 0.6989 which completed wave (A) in higher degree.

Rally in wave (B) is in progress to correct cycle from October 29 peak before pair resumes lower again. Internal of wave (B) is unfolding as a zigzag Elliott Wave structure. Near term, expect pair to end wave A of this zigzag soon, then it should pullback in wave B to correct the rally from December 4, 2021 low before pair resumes higher again. Near term, as far as pivot at 0.699 low stays intact, expect dips to find support in 3, 7, or 11 swing for more upside.

AUDUSD 45 Minutes Elliott Wave Chart

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