AUDUSD: Larger Trend Remains Bearish After Stevens Speech
Bearish Elliott wave patterns. The first price action is showing five wave fall from 1.0366 followed by a three wave rally in wave ii) which could be counted as an expanded flat.
If today market will remain strong and closed somewhere around or above 1.0330 level then AUDUSD will be focused on the second wave count. This one suggests that market could rally in five waves from 1.0220 and towards 1.0400 before larger downtrend resumes.
Bearish Elliott wave patterns. The first price action is showing five wave fall from 1.0366 followed by a three wave rally in wave ii) which could be counted as an expanded flat.
If today market will remain strong and closed somewhere around or above 1.0330 level then AUDUSD will be focused on the second wave count. This one suggests that market could rally in five waves from 1.0220 and towards 1.0400 before larger downtrend resumes.