Preferred Elliott wave view suggests EURAUD cycles remain bearish against 6th April high (1.4447). Decline from 1.4447 - 1.3753 was a double three Elliott wave structure i.e. (w)-(x)-(y) when wave (w) completed at 1.4118, wave (x) completed at 1.4221 and wave (y) completed at 1.3753 making a higher degree wave ((w)). Pair is currently in wave ((x)) bounce correcting the decline from 1.4447 peak. Wave ((x)) is also expected to unfold as a (w)-(x)-(y) structure when wave (w) completed at 1.3987, wave (x) completed at 1.3867 and wave (y) higher is now in progress and expected to reach 50 - 61.8 fib Fibonacci retracement zone of wave ((w)) between 1.4100 - 1.4182 before sellers appear and decline resumes. Red arrow indicates trend is down and move up is shown with a dashed line so we are not interested in buy the pair & expect the bounce to find sellers in 7 or 11 swings as far as pivot at 1.4447 high remains intact. Only a break of pivot at 1.4447 high would open another extension higher.
If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.