AUD/USD: Elliot wave analysis
Weekly. The pair keeps forming the wave III of the downside impulse.
Chart. Weekly AUD/USD
Daily. At the moment we are witnessing the formation of the corrective wave (4). Then the market will start a decline in the wave (5).
Chart. Daily AUD/USD
H8. The wave (4) is taking form of a long horizontal correction. As it always happens with such waves, it’s aimed upwards, against the dominant trend of the higher wave level. When this wave is complete, we expect a decline in the wave (5).
Chart. H8 AUD/USD
Roman Petuchov for FBS