This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

audusd elliott

The current AUDUSD structure hints at a corrective wave b. This takes the form of a triple zigzag, as the final primary wave Ⓩ is currently under development

The bullish wave Ⓩ is an intermediate (A)-(B)-(C) zigzag.

Intermediate correction wave (B), which is a double zigzag, could end near 0.697. At that level, wave (B) will be at 76.4% of impulse (A).

Finally, we could expect impulse wave (C) to rise above the previous high.

audusd elliott

An alternative scenario shows that the cycle correction wave b is already complete.

Therefore, this shows the construction of the initial part of a bearish impulse, consisting of primary sub-waves ①-②-③-④-⑤.

The leading diagonal wave ① has ended, and we could now see the price rise in corrective wave ②.

Its growth is possible to the 0.726 area, where prices will be at 61.8% of leading diagonal ①.

After reaching this level, the currency pair is expected to decline below the previous minimum in primary impulse ③.

Test your strategy on how the AUD will fare with Orb...

To keep reading this article, please navigate to: Orbex Forex Trading Blog.