If you look at my previous post on AUD/USD, you can clearly see that AUD/USD reached the previous wave 4 on the daily chart and couldn't break it and you know that according to the Elliott Waves Principle, not breaking the previous wave 4 is a positive sign for an upside impulse to come.
Looking at the 2H chart, we can see that AUD/USD is currently trading in a descending corrective formation and I expect this move to be considered wave ii of 1, and now we are waiting to capitalize on wave iii of 1 as the DXY may have finished its correction for more downside.
Our first target will be the 100% Fibonacci Extension level at (0.77314). Breaking the 100% Fibonacci Extension will push AUD/USD towards the 161.8% Fibonacci level at (0.78200) which will be our second long-term target.
Looking at the 2H chart, we can see that AUD/USD is currently trading in a descending corrective formation and I expect this move to be considered wave ii of 1, and now we are waiting to capitalize on wave iii of 1 as the DXY may have finished its correction for more downside.
Our first target will be the 100% Fibonacci Extension level at (0.77314). Breaking the 100% Fibonacci Extension will push AUD/USD towards the 161.8% Fibonacci level at (0.78200) which will be our second long-term target.
