AUDUSD Approaching Resistance - Elliott wave analysis
Hello traders,
on AUDUSD we are observing a bullish move, in five-waves, up from March lows. Specifically we see price in a fifth wave higher ((5)), which can be approaching possible resistance at the 0.710 level. That said, at the moment we still see price in a wave four (4) correction, which can look for support, and a bounce at the 0.685/0.677 zone. A rally in minor five legs would be first suggestion that wave ((5)) is underway.
Once wave ((5)) fully develops, a temporary top will be in place, and a minimum three-wave turn will follow.
Trade well.
on AUDUSD we are observing a bullish move, in five-waves, up from March lows. Specifically we see price in a fifth wave higher ((5)), which can be approaching possible resistance at the 0.710 level. That said, at the moment we still see price in a wave four (4) correction, which can look for support, and a bounce at the 0.685/0.677 zone. A rally in minor five legs would be first suggestion that wave ((5)) is underway.
Once wave ((5)) fully develops, a temporary top will be in place, and a minimum three-wave turn will follow.
Trade well.