Mon, May 29, 2023 @ 21:37 GMT
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AUD/USD: The Pair May Depreciate to the Level of 0.617

The AUDUSD pair is probably building a large cycle correction b, which has the structure of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.

Two parts can be completed inside the actionary wave Ⓨ. The current chart shows the structure of the last part, i.e. wave ©.

The intermediate wave (C) consists of minor sub-waves 1-2-3-4-5. There is a high probability that the impulse (C) will end at a minimum of 0.617, which was marked by the impulse wave (A).

An approximate scheme of possible future movement is shown on the chart.

Let’s consider an alternative scenario. On the current chart, we see an incomplete intermediate correction (B).

The bullish correction (B) has a complex internal structure of the triple zigzag W-X-Y-X-Z, as in the main version, but its finale awaits us a little higher.

There is a high probability that in the last section we see the construction of a minor wave Z. This wave may end in the form of a minute double zigzag near 0.732.

At the level of 0.732, correction (B) will be at 76.4% of impulse (A).

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