AUDUSD has found a support in the past two weeks and rallied more than 300 pips from 0.8650 which can be wave C as part of a flat correction in wave B). The reason is a three wave decline from above 0.9080 that we think it's corrective wave B as a part of a bigger complex correction. If we are on the right track then pair will rise up to 0.9080 - 0.9170 resistance zone in the next few trading days where a completion of a contra-trend pattern may occur.

AUDUSD Daily Elliott Wave Analysis

AUDUSD Four Hour

AUDUSD is testing last week highs, so it seems that pair is still moving up in wave (v) of C, final leg of the pattern that is expected to form a top for AUDUSD in this week. We are tracking a flat correction labeled since mid-December that is a contra trend movement, thus it suggests more weakness for AUDUSD in weeks ahead. Ideally price will turn impulsively back to 0.8900 that will put pair in bearish mode.

AUDUSD 4h Elliott Wave Analysis

Written by www.ew-forecast.com
14 days trial just for €1 >> http://www.ew-forecast.com/register