Bulls Taking AUDUSD Higher – Elliott wave analysis
AUDUSD is trading bullish since 0.551 level, when a bigger, bearish trend found a low. We now see an impulsive price action underway, where price can be only reversing for a pullback from the highs. We are talking about a wave 4), with support at the 0.706 level, or lower, in case we get a deeper, and more complex corrective wave 4).
Once wave 4) unfolds, one more leg higher as wave 5) may be expected, with a five-wave structure.
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