AUDUSD Cycle Correction Completion

audusd elliott

The current AUDUSD structure indicates a cycle corrective wave b of a triple zigzag. The specified zigzag consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The final wave Ⓩ takes the form of an intermediate degree (A)-(B)-(C) zigzag. Intermediate impulse (A) and correction (B) are fully complete, whereas impulse (C) is still under development.

The completion of the triangle wave 4 is expected near 0.727. This level is on the support line drawn through the vertices of the minute sub-waves ⓐ and ⓒ.

Finally, prices are expected to rise in the minor wave 5 to the 0.744 area.

audusd

An alternative scenario looks at corrective wave (B) being a longer structure. Minor wave W is completed, and the intervening wave X is still under construction.

The current structure of intervening wave X hints at a minute flat that is nearing its end at 0.737. The target is on the resistance line drawn through the top of the impulse (A) parallel to the lower support line.

Finally, we could see the currency pair depreciating in wave Y to the level of 0.697. This is highlighted on the support line drawn through the lows W and ⓑ.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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