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AUD/USD: Elliott waves (Nov. 18)

Weekly. The pair continues building an upward impulse wave [C].

Chart. Weekly AUD/USD

Daily. Now we are seeing a decline in wave II. Most likely in the near future the construction of this wave will continue. When the wave II is complete, a new round of upward movement will start.

Chart. Daily AUD/USD

H4. At the H4 we can see that the wave II may be and as now, as lower. If the wave II has ended, we’ll see an upward movement in the wave III in the near future. According to another scenario, the formation of wave II may continue, and the pair will set another low. This is quite possible, because the second wave is quite small compared to the first ascending wave.

Chart 3. H4 AUD/USD

Roman Petuchov for FBS

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