AUDUSD Elliott Wave View: Downside Pressure Remains
Hello Traders,
AUDUSD ended the cycle from 08/21/18 peak (0.7383) at the low of 09/03/18 (0.7166) in black wave ((w)). The internals of that move unfolded as an Elliott Wave ZigZag structure, which it ended blue wave (a) at 08/23/18 low (0.7238), blue wave (b) pullback at 08/28/18 peak (0.7363). From there it ended blue wave (c) of black wave ((w)) at 09/03/18 low (0.71667). Up from there, it ended black wave ((x)) pullback at 09/06/18 peak (0.72106). The internals of the pullback unfolded as an Elliott Wave triangle structure.
As long as pullbacks stay below 0.72106 we expect AUDUSD to extend lower towards the equal legs extreme area of 0.6993-0.6942 from black wave ((w))-((x)) before a reaction higher can be seen. Due to the right side tag, the right side remains to the downside we don’t like buying it.
AUDUSD ended the cycle from 08/21/18 peak (0.7383) at the low of 09/03/18 (0.7166) in black wave ((w)). The internals of that move unfolded as an Elliott Wave ZigZag structure, which it ended blue wave (a) at 08/23/18 low (0.7238), blue wave (b) pullback at 08/28/18 peak (0.7363). From there it ended blue wave (c) of black wave ((w)) at 09/03/18 low (0.71667). Up from there, it ended black wave ((x)) pullback at 09/06/18 peak (0.72106). The internals of the pullback unfolded as an Elliott Wave triangle structure.
As long as pullbacks stay below 0.72106 we expect AUDUSD to extend lower towards the equal legs extreme area of 0.6993-0.6942 from black wave ((w))-((x)) before a reaction higher can be seen. Due to the right side tag, the right side remains to the downside we don’t like buying it.
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