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AUD/USD: Elliot wave analysis

Weekly. The pair has allegedly started to construct a rising wave [C]. Let's have a look at the detailed layout.

Chart. Weekly AUD/USD

Daily. We are seeing the first bullish impulse that hasn't been finished yet. The pair is now constructing the wave [4] of this bullish impulse.

Chart. Daily AUD/USD

H4. It is quite possible that the wave [4] takes a form of a zigzag. We could see a corrective upward move before the second zigzag leg. After the wave [4] the pair is likely to move up in the wave [5]. 

Chart. H4 AUD/USD

Roman Petuchov for FBS

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