Aussie's bearish reversal

Elliott Wave Analysis

The AUD/USD did not move much lately but it may break lower based on the latest reversal from 0.9510 where we called end of a wave 5 of C) that is part of a larger running flat correction placed in wave (4).

Notice that decline from the high is overlapping but it can be counted in five waves as leading diagonal. With that in mind, wave 1 can be finished, so be aware of some upward price action in the next few days, but not much as we see wave 2 underway, only a temporary correction that may cause a strong decline in late of August.

Weakness is expected as long as 0.9510 holds.

 

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