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AUD/USD: Elliott waves (June 2)

By Roman Petuchov

Weekly. During the past 5 years AUD/USD is forming a Zigzag structure. Within it the pair has completed correction [b]. In the last section we saw the beginning of the new uptrend.

Chart. Weekly AUD/USD

Daily. The first upward momentum (1) has been fully formed. Now there is construction of a correctional wave (2).

Chart. Daily AUD/USD

H4. The wave (2) is a complex correction W-X-Y. At the moment we are seeing a decline within the Zigzag Y. The Wave [B], which is a part of the Zigzag, is close to being complete. Early this week we’ll see a reversal and a decline in a bearish wave [C].

Chart. H4 AUD/USD

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