Elliott wave Analysis: AUDUSD In A Bearish Trend

Intermediate

AUDUSD is reversing higher for the last two weeks, moving into a new corrective recovery which can be wave four of a higher degree. Fourth waves can retrace back to the area of a former wave four which in our case is at 0.7451, so there is room for more upside this month.

AUDUSD, Daily

daily audusd nov 02 2018

On the 4h chart of AUDUSD we have a closer look at the price action. We see price continuing higher with very sharp and extended price move, so we assume that pair is in wave A), now making five sub-waves up from 0.7020 towards 0.7314.

AUDUSD, 4h

4h audusd nov 02 2018

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