Elliott wave view in AUDUSD suggests the decline from February 25, 2021 high is unfolding as a double three Elliott Wave structure. Down from February 25 high, wave ((W)) ended at 0.7106 and rally in wave ((X)) ended at 0.756. Wave ((Y)) lower is currently in progress as a zigzag structure. Wave (A) of the zigzag ended at 0.699 as a 5 waves impulse. Down from wave ((X)), wave 1 ended at 0.7357 and rally in wave 2 ended at 0.743. Pair then extends lower in wave 3 towards 0.706, and wave 4 rally ended at 0.7173. Final leg lower wave 5 ended at 0.699 which completed wave (A).
Wave (B) rally is now ongoing to correct the decline from October 29, 2021 wave ((X)) high. Internal of wave (B) is unfolding as a zigzag structure. Up from wave (A), wave A ended at 0.7186 and dips in wave B ended at 0.7079. Expect wave C to extend a bit more to the upside towards 100% – 161.8% Fibonacci extension of wave A at 0.727 – 0.74. Afterwards, pair could resume lower from this area, or at least pullback in 3 waves. As far as pivot at 0.756 high remains intact, expect wave (B) rally to fail in 3, 7, or 11 swing for more downside.
AUDUSD 4 Hour Elliott Wave Chart
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