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AUD/USD: weekly wave analysis

Weekly. The pair continues development of the beginning of a new uptrend [c]. Market is forming correction (II) to the upward impulse (I).

Daily. The picture shows the detailed layout of impulse (I) and the correction to it, which is taking form of a simple wave plane a-b-c. To determine the pivot point consider the layout of the descending impulse c of (II). The alternative scenario is that the price keeps falling up to the previous low. This scenario is unlikely, but just keeps it in mind while trading.

H4. The impulse c is practically formed. This week we expect AUD/USD to complete wave [5] of C of (II) and start of constructing the new uptrend.

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