Short Term Elliottwave: AUD/USD Correcting Cycle From November 20th Low

Short Term AUD/USD Elliott wave forecast suggests that the decline to 0.7306 on 11/21 low ended wave (X). Up from there, pair is rallying as a double three structure where wave ((w)) ended at 0.749, wave ((x)) ended at 0.736, and wave ((y)) of W is proposed complete at 0.7525.

Pair is currently in wave X pullback to correct cycle from 11/21 low in 3, 7, or 11 swing before turning higher again. Internal of wave X is unfolding as a zigzag where wave ((a)) ended at 0.738, and wave ((b)) bounce is in progress towards 0.745 – 0.749 area before pair turns lower in wave ((c)) of X, provided that pivot at 0.7525 remains intact.

AUD/USD 60 Minute Chart

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