Aussie Is Approaching Potential Resistance Ahead Of RBA

Hello traders!

Today we will talk about Aussie (AUDUSD) in which we see slow price action and corrective wave structure since end of January that can be now approaching important and strong October 2021 highs resistance area ahead of important RBA.

From Elliott Wave perspective, we are tracking a complex 7-swing A-B-C-X-A-B-C elliott wave corrective rally which can be nearing the end, as we see it trading in final stages of wave 5 of (C). The main reason can be a break out of wave 4 elliott wave triangle pattern that suggest final leg before a reversal.

From technical point of view, we see it coming into important channel resistance line connected from the lows and interesting Fibonacci levels that can stop anywhere here in the 0.7550 - 0.7650 resistance zone.

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Aussie is turning sharply down from projected target area, which is strong signal that resistance is in place, so be aware of a bigger decline now at least in three waves.