AUDUSD Has Cycle Intervening Wave X Ended?

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The AUDUSD currency pair in April seems to have completed the development of the cycle intervening wave x. Following this, prices began to rise within the actionary wave z.

It is assumed that wave z will have the structure of a double zigzag, consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ. The primary wave Ⓦ and the intervening wave Ⓧ ended. These were both triple zigzags of the intermediate degree.

Thus, in the near future, we could expect the development of an intermediate (A)-(B)-(C) zigzag, which can complete the primary wave Ⓨ near 0.804. At that level, cycle wave z will be at 50% of wave y.

Alternatively, we consider situations where the formation of the cycle intervening wave x continues.

It is possible that it is a double Ⓦ-Ⓧ-Ⓨ zigzag of the primary degree. The first two of the three sub-waves have been completed, whilst the final actionary wave Ⓨ is still under development. It seems that it will take the form of a bearish double (W)-(X)-(Y) zigzag.

In the near future, we could see the intervening wave (X) coming to an end near the 0.781 area. At that level, it will be at 76.4% of wave (W).

Then, after the end of wave (X), the price will continue to fall within the actionary wave (Y) to 0.737. At that level, cycle wave x will be at 61.8% of wave y.

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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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