AUDUSD Bearish Sequence Support More Downside

Hello Traders.

AUDUSD short-term Elliott wave view suggests that the bounce to 0.7316 high ended blue wave (X). Down from there, blue wave (Y) remain in progress as a zigzag structure. Where initial decline to 0.7049 low ended in 5 wave’s impulse structure & also completed the black wave ((a)) lower. Also, it’s important to note that the pair is having a bearish sequence tag & right side lower, therefore, buying is not recommended.

The lesser degree cycles within black wave ((a)) ended blue wave (i) at 0.7201. A bounce to 0.7240 high ended blue wave (ii). Then a decline to 0.7051 low ended 5 waves in blue wave (iii).

Above from there, the bounce to 0.7086 high ended blue wave (iv). Then finally, a push lower to 0.7049 low ended blue wave (v) & also completed black wave ((a)).

Up from there, black wave ((b)) bounce can be complete at 0.7131 looking for another extension lower. As long as the price stays below 0.7131 but more importantly below 0.7316 we expect AUDUSD to extend lower, we don't like buying it as the right side is to the downside.

Comment:

Here is an update on AUDUSD. The pair can see now the equal legs from 05/10 towards 0.7134-0.7191 before a reaction lower can be seen. We dont like buying it.