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Elliott Wave View: AUDUSD Looking to Rally in Double Correction

Short term Elliott Wave view in AUDUSD shows an incomplete bullish sequence from 10.13.2022 low favoring more upside. Rally from 10.13.2022 low is unfolding as a double three Elliott Wave structure. Up from 10.13.2022 low, wave W ended at 0.6522 and pullback in wave X ended at 0.6267. Pair resumes higher in wave Y with subdivision as a zigzag structure. Up from wave X low at 0.6267, wave (i) ended at 0.6324 and pullback in wave (ii) ended at 0.6281.

Pair resumes higher in wave (iii) towards 0.6483, and wave (iv) ended at 0.6459. Final leg higher wave (v) ended at 0.655 and this completed wave ((a)) in higher degree. Wave ((b)) pullback is currently in progress to correct cycle from 11.3.2022 low before the rally resumes in wave ((c)). Down from wave ((a)), wave (a) ended at 0.6444 and wave (b) ended at 0.6497. Expect wave (c) of ((b)) to end soon and pair to turn higher.

Near term, as far as pivot at 0.6267 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside. Potential target higher is 100% – 161.8% Fibonacci extension from 10.13.2022 low. This area comes at 0.6627 – 0.684.

AUDUSD 60 Minutes Elliott Wave Chart

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