AUD/USD: Elliot wave analysis

Weekly. The pair keeps forming the wave III of the downside impulse.

Chart. Weekly AUD/USD

Daily. In line with our forecasts we are witnessing the formation of the wave [4], which may take form of the long horizontal correction.

Chart. Daily AUD/USD

H8. We may be witnessing a flat, and this week the market will rise as it’s shown at the picture. If the wave [4] takes form of a flat, double/triple three or a triangle, the pair will rise this week. This forecast may not come true if the wave [4] is already complete. However, fourth waves are usually long, so the situation will likely unfold in line with the forecast.

Chart. H8 AUD/USD

Roman Petuchov for FBS

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