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Elliott Wave View: AUDUSD Rally to Fail for More Downside

Short term Elliott Wave view on AUDUSD suggests that cycle from 8.11.2022 high is in progress as a 5 waves impulse structure. Down from 8.11.2022 high, wave 1 ended at 0.6699 and rally in wave 2 ended at 0.6916. Wave 3 took the form of an impulse in lesser degree. Down from wave 2, wave ((i)) ended at 0.6701 and rally in wave ((ii)) ended at 0.677. Pair resumes lower in wave ((iii)) towards 0.6434, and rally in wave ((iv)) ended at 0.6512. Final leg lower wave ((v)) ended at 0.6359 which completed wave 3.

Wave 4 rally is in progress as a zigzag Elliott Wave structure. Up from wave 3, wave ((a)) ended at 0.65309 and pullback in wave ((b)) ended at 0.6388. Wave ((c)) higher is in progress and expected to reach 0.656 – 0.666 blue box area to complete wave 4. This blue box area is a 100% – 161.8% Fibonacci extension of wave ((a)). From this area, pair should resume lower in wave 5. Near term, as far as pivot at 0.6916 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

AUDUSD 60 Minutes Elliott Wave Chart

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