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AUD/USD: Elliot wave analysis

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

Chart. Weekly AUD/USD

Daily. We are witnessing formation of a corrective wave [4] in line with the forecast. One can’t tell precisely when this wave will be complete, but when it happens the pair will start forming the downside impulse wave [5] and Australian dollar will survive a big decline.

Chart. Daily AUD/USD

H8. Here’s the detailed marking of the wave [3]. The marking of the wave [4] isn’t final yet. It’s still hard to predict the form of the wave. We may be seeing the first smaller wave of the wave [4] which is taking the form of the flat A-B-C.

Chart. H8 AUD/USD

Roman Petuchov for FX Bazooka

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