Short Term Elliott Wave view in AUDUSD suggests the rally from 5/9 low is unfolding as a double three Elliott Wave structure. Up from 5/9 (0.7325) low, Minute wave ((w)) ended at 0.7517 and Minute wave ((x)) ended at 0.7368. Pair has since broken above 0.7517, adding validity that the next leg higher has started.
From 0.7368 low, the rally is also unfolding as a double three Elliott Wave structure. Minutte wave (w) ended at 0.7498 and Minutte wave (x) ended at 0.7453. Near term, while pullbacks stay above 0.7452, but more importantly as far as pivot at 0.7368 stays intact, expect pair to extend higher towards 0.756 â 0.7607 area to end cycle from 5/9 low. We donât like selling the pair and expect buyers to appear in any dips in 3, 7, or 11 swing provided that pivot at 0.7368 remains intact.
Good rally on the AUDUSD above its 200 day EMA (blue line), around the 0.7511 level. The rally may take the pair to the high around the 0.7610 level as shown on the daily chart. The 200 day EMA and the 0.7500 level may act as support, but below that level the next support could be the 0.7400 level. The Stochastics are entering the overbought zone, but they still may continue higher.
Revised short term AUDUSD Elliott Wave view suggests the rally from 5/9 low is unfolding as a leading diagonal Elliott Wave structure. Up from 5/9 (0.7325) low, Minute wave ((i)) ended at 0.7517, Minute wave ((ii)) ended at 0.7368, and Minute wave ((iii)) ended at 0.7566. Minute wave ((iv)) pullback is currently in progress to correct cycle from 6/1 low in 3, 7, or 11 swing before pair resumes higher again.
Pair has currently reached 100% from 5/9 low thus cycle from 5/9 low is mature and may end soon. However, pair still has scope to extend one more leg higher in Minute wave ((v)) as far as pivot at 6/1 low (0.7368) stays intact before ending cycle from 5/9 low as a leading diagonal. As cycle from 5/9 low has reached 100%, itâs not a good idea to chase strength at this stage. We donât like selling the pair either as higher degree trend is bullish and expect pair to correct cycle from 5/9 low in 3, 7, or 11 swing after it completes one more leg higher in Minute wave ((v)).
AUDJPY Short Term Elliott Wave view suggests that the rally to 90.31 ended Intermediate wave (W). Intermediate wave (X) pullback remains in progress as a double three Elliott Wave structure. Down from 90.31, Minor wave (W) ended at 88.44 and Minor wave (X) ended at 89.68. Near term, while bounces stay below 90.31, expect pair to extend lower towards 87.36 â 87.8 area to complete Intermediate wave (X). Afterwards, pair should resume the rally to a new high or at least bounce in 3 waves. We donât like selling the proposed pullback.
Elliott Wave Analysis: AUDJPY Correction Near Complete
AUDJPY Short Term Elliott Wave view suggests that the rally to 90.31 ended Intermediate wave (W). Intermediate wave (X) pullback remains in progress as a double three Elliott Wave structure. Down from 90.31, Minor wave W ended at 88.44 and Minor wave X ended at 89.68. Minor wave Y is unfolding also as a double three Elliott Wave structure. Minute wave ((w)) of Y ended at 88.23 and Minute wave ((x)) of Y is proposed complete at 88.89. Near term, while bounces stay below 9/21 peak at 90.31, expect pair to extend lower towards 87.36 â 87.8 area to complete Intermediate wave (X). Afterwards, pair should resume the rally to a new high or at least bounce in 3 waves. We donât like selling the proposed pullback.
AUDJPY Short Term Elliott Wave view suggests that the rally to 90.31 ended Intermediate wave (W). Intermediate wave (X) pullback remains in progress as a double three Elliott Wave structure. Down from 90.31, Minor wave W ended at 88.44 and Minor wave X ended at 89.68. Minor wave Y is unfolding also as a double three Elliott Wave structure. Minute wave ((w)) of Y ended at 88.23 and Minute wave ((x)) of Y is proposed complete at 88.89. Near term, while bounces stay below 9/25 peak at 89.69, expect pair to extend lower towards 87.37 â 87.8` area to complete Intermediate wave (X). Afterwards, pair should resume the rally to a new high or at least bounce in 3 waves. We donât like selling the proposed pullback.
AUDUSD Elliott Wave structure suggests that the decline to 0.7731 on October 6th low ended Primary wave ((W)). From there, Primary wave ((X)) bounce is unfolding as a double three Elliott Wave structure. Rally to 0.7807 ended Intermediate wave (W) of ((X)) and pullback to 0.7815 ended Intermediate wave (X) of ((X)). A break above Intermediate wave (W) at 0.7815 will give more validity to this view. Until then, a double correction in Intermediate wave ((X)) is still possible. Near term, while pullbacks stay above 0.7815, but more importantly above 10/6 low at 0.7731, expect pair to extend higher.
AUDUSD Short Term Elliott Wave view suggests that Primary wave ((W)) ended at 0.7731 on October 6th low. Up from there, Primary wave ((X)) is currently unfolding as a double three Elliott Wave structure. Intermediate Wave (W) of ((X)) ended at 0.7807 and Intermediate wave (X) of ((X)) ended at 0.7815. Near term, while pullbacks stay above 0.7815, but more importantly above 10/6 low at 0.7731, expect pair to extend higher. At this stage, pair still needs to break above Intermediate wave (W) at 0.7815 to give more validity to this view. Until then, we canât rule out a double correction in Intermediate wave ((X)).
That is some great analysis there based on the 1H chart!
But remember when we are trading we look at the Higher time frames to confirm the major support or resistance points in the market. Therefore we start by looking at the 4H which shows us that the stochastic (14,3,3) is not yet overbought.With that being noticed now, consider this : The 1H is most likely just retracing down to form a trend reversal as the overall intentions, on the D1 and 4H is still considered bullish and we can see price is bouncing off a 61.8 FIB on the D1 with a Hammer candlestick formedâŠ
The outcome is ; We could see the lower time frame consolidate until the news on Thursday, or (I think is more likely) we could see a push bearish to relieve all the buying pressure then once those bears run out we could see the bulls come into play.
In conclusion, the trend is up, donât trade counter trend⊠if yourâe looking for any entry, wait for the 1H to become oversold and form double bottoms.
Elliott Wave Analysis: Is AUDUSD Ready to Resume Lower?
AUDUSD short-term Elliott Wave view suggests that the decline to $0.7308 low ended Intermediate wave (A) of a possible Zigzag structure coming from 6/06/2018 peak ($0.7676). Above from there, the 3 waves recovery to $0.7484 high ended Intermediate wave (B) bounce. The internals of that Intermediate wave (B) unfolded as Elliott Wave Zigzag correction where Minor wave A ended at $0.7424 high. Subdivision of Minor wave A of (B) unfolded as 5 waves where Minute wave ((i)) ended at $0.7342. Minute wave ((ii)) ended at $0.7312, Minute wave ((iii)) ended at $0.7404. Then Minute wave ((iv)) ended at $0.7368 and Minute wave ((v)) of A ended at $0.7424 high.
Hello guys! Whatâs up? Is there nobody interested in talking about the pair? Here is a link to the newest article and chart I made: Autumn Express AUD/USD
