AUDUSD has turned bullish at the start of the year which can be a five wave pattern in progress, called an impulsive wave. As recent price action slowed down in a triangle that looks like a fourth wave so new high is expected.
However, despite a five wave recovery from the low, the bigger trend for AUDUSD remains to the downside as we see move from 0.8655 as wave C) that is part of a running flat correction in wave 4). With that in mind, we will look for bearish reversal signs once current uptrend reaches levels at 0.9500-0.9650.
AUDUSD Daily Elliott Wave Analysis
AUDUSD Weekly Elliott Wave AnalysisÂ
