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AUDUSD Short Term Elliott Wave: More Upside Seen into FOMC

Short Term AUDUSD Elliott Wave forecast suggests that the decline to 0.7306 on 11/21 low ended wave (X). Up from there, pair is showing a 5 swing sequence from 11/21 low and suggest more upside. Rally from 11/21 low is unfolding as a double three structure where wave ((w)) ended at 0.749 and wave ((x)) ended at 0.736. Wave ((y)) is currently in progress and also unfolding as a double three structure where wave (w) ended at 0.7508 and wave (x) ended at 0.7425. Near term, while pullback stays above 0.7425, and more importantly as far as pivot at 11/21 low (0.7306) stays intact, expect pair to resume higher towards 0.755 - 0.76 area to end cycle from 11/21 low. We don-t like selling AUDUSD and expect buyers to appear after dips is completed in 3, 7, or 11 swing as far as pivot at 0.7367 low remains intact.

AUD/USD Short-Term Elliott Wave Analysis Chart
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