Written by www.ew-forecast.com
AUDUSD is trading lower for few days now from 0.9230 where we called end of a corrective wave (4) flat pattern. Recently, we have also seen a bounce back to 0.9060 which was clearly a corrective move, now probably finished after current leg down to 0.8935. As such, we expect to see a break of 0.8900 support that will open the door for 0.8845 and then also for wave 3 targets at 0.8700-0.8760.
AUDUSD 4h Elliott Wave Analysis
On the intra-day basis we can see that pair has an impulsive price action from 0.9067, which means that trend is bearish. However, we traders who are interested in short opportunities shall wait on a pull-back for better entries to join a larger trend. Ideally we will see a three wave bounce in wave (ii) in the next session or two.
AUDUSD 1h Elliott Wave Analysis
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