AUDUSD Elliott Wave View: Bullish above 0.787
AUDUSD Short Term Elliott Wave view suggests that the rally from 8/15 low is unfolding as a double three Elliott Wave structure. Up from 8/15 low, Minute wave ((w)) ended at 0.79957 and Minute wave ((x)) ended at 0.7868. Minute wave ((y)) is in progress and the subdivision also unfolds as a double three. Minutte wave (w) of ((y)) ended at 0.7995 and Minutte wave (x) of ((y)) ended at 0.793. Near term, while pullbacks stay above 0.793, but more importantly above 0.7868, expect pair to extend higher towards 0.806 – 0.8108. We don’t like selling the pair.
AUDUSD 1 Hour Elliott Wave Chart