Elliott Wave Analysis: AUDUSD Can Be Facing A Correction

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AUDUSD is slowly reversing, ideally unfolding a bigger, five-wave recovery which we labelled as wave 3. Wave 3 is an impulse within a trend, and is the strongest one. Particularely we see sub-wave v of 3 in progress with its five minor legs, up from 0.7183 level which can find a new top near the 0.7300 region. Once we get a full five-wave recovery within sub-wave v of 3, that is when a temporary correction as wave 4 may follow, which can later look for support and a bullish reversal near the 0.7183 level.

AUDUSD, 1h

 
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