AUDUSD has been in a downtrend for pretty much this entire year. Price has found temporary support at 0.7000 and bounced up 300 PIPS as a retracement and in order to grab liquidity after the huge sell off. The support found at 0.70 would count as Wave 3 of the Elliot Wave Theory. Wave 4 has also been complete and hit a peak at 0.72250. As you can see from current market structure, price is getting squeezed inside a wedge, indicating that buying momentum is getting lost. I am expecting one more micro-wave (Wave 5) down towards $0.678 which should be complete towards the START OF NEXT YEAR. After this move is complete, we can start looking at buyers coming back into the markets mid term to push price back up in 2022.
I will be catching this move on behalf of myself and my Account Management investors. Drop a like if you agree with the analysis or let me know what you think!
I will be catching this move on behalf of myself and my Account Management investors. Drop a like if you agree with the analysis or let me know what you think!