Sharp, impulsive rally through the upper side of a recent downward channel suggests that AUD/USD reached a temporary low. Wave count below is showing us an end of a five-wave fall in wave 1) followed by a corrective wave 2) now in progress that may reach levels around 1.0400-1.0450 in this week. Elliott wave traders will know that the current bounce should be in three waves, so more upside or sideways action to come as 1.0226 low holds.
AUD/USD H4" title="AUDUSD 4 H" width="600" height="604">
On one-hour chart we see that AUD/USD made five waves up, which confirms a temporary bullish run. In fact, price action in current 1.0300-1.0360 range is looking corrective, so we believe its wave B, part of an A-B-C recovery as mentioned above. If pull-back lower occurs in the next few hours, keep an eye on 1.0280 level from which price could turn bullish for C leg.
AUD/USD H1" title="AUDUSD 1H" width="600" height="604">
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AUD/USD: Price Action Looks Corrective
Published 02/13/2013, 10:44 AM
Updated 07/09/2023, 06:31 AM
AUD/USD: Price Action Looks Corrective
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