AUDUSD Corrective Reversal Could Reach 1.0360/80 Swing

AUDUSD hit new low few sessions back and reversed quite impulsively from 1.0181 low which suggests that pair has reached a temporary low. In fact, recent price action in 1.0220-1.0370 range could be labeled as a triangle in fourth wave so reversal that we are seeing is actually not a surprise because we know that move after the triangle was a final leg of a larger trend. In our case that was wave 5 that completed a five wave decline in wave 1). With that said, current rally is probably part of incomplete minimum three-wave rally that could reach 1.0360/80 swing zone in the next 2-4 trading days.

On a daily chart we can also see a morning star formation in progress that also supports the idea for near-term bullish waves, but need to see today’s close around current levels or higher.

Morning star in progress?

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Tags: AUDUSD, Analysis, Count, Elliott, Forex, Strategy, Technical, Wave


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