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AUDUSD Elliott Wave Analysis: Looks Bearish Below 0.8882

AUDUSD broke to the upside last week as we can see, out of a wave (b) triangle so it looks like pair is making more complex and deeper corrective wave 4. Important is that rally from 0.8818 still has signs and personality of a contra-trend move. We are observing (a)-(b)-(c) rally that could already be completed at latest swing high, near 0.9000 level. We however need to see a break of that 0.8882 wave (b) low to confirm lower prices for wave 5.

AUDUSD 4h Elliott Wave Analysis

(click to enlarge)Click to enlarge

Written by www.ew-forecast.com

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