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The current AUDUSD structure shows a bullish combination consisting of primary waves Ⓦ -Ⓧ -and Ⓨ.

Waves Ⓦ and Ⓧ seem fully completed, whereas wave Ⓨ is still under construction. The latter could be a standard zigzag pattern that consists of intermediate waves (A), (B) and (C).

At the time of writing, the final part of the bullish impulse (A) is being formed. This could conclude near 0.705, where minor wave 5 will be at the 161.8% of impulse 3; a quite common Fibonacci extension

An alternative view indicates that the intermediate impulse (A) has already been completed.

In that scenario, market participants could expect a corrective leg in the intermediate degree (B), near 0.690.

The target would respect the golden Fibonacci retracement of 61.8% of waves 1-5.

The post AUDUSD: 0.705 Likely To Complete 5-wave Impulse appeared first on Orbex Forex Trading Blog.


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