Trader, analyst and instructor with a 6-year experience

AUD/USD: weekly wave analysis

By Roman Petukhov

Weekly. The market is forming an ending of a corretive wave [b] which is a threefold downtrend zigzag. At this point, construction of the final zigzag is in process (z).

Daily. After the end of the correction construction (x), we noticed formation of a new bearish impulse A. After its end, the market will be forming correction to this impulse which is marked as wave B on the chart.

H4. Impulse A looks completely finished, according to its wave structure. At the moment, the construction of the wave B beginning is in process, however its future form is not yet clear, thus we recommend to hold back from trading until the situation is clarified. As of today, wave [A] ofB is supposed to obtain the form of a two- or a threefold zigzag. An approximate course of a possilible movement is shown in the picture.

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