From the point of view of technical analysis of Australian dollar/US dollar according to the theory of Elliott waves, a five-wave downward impulse has been completed and after that, an ABC zigzag correction wave is expected, which now appears after the completion of wave A and B. The rate, provided it crosses the Fibo resistance of 61.8% at 0.6694, intends to complete wave C, while there is a possibility of forming an ANTI NEN STAR harmonic pattern.
Therefore, this scenario is likely that the rate can increase to the resistance range of 0.6770-0.6782 in order to complete wave C and form the harmonic pattern shown in the chart, provided that a half-hour close candle is registered above the resistance of 0.6694.
Therefore, this scenario is likely that the rate can increase to the resistance range of 0.6770-0.6782 in order to complete wave C and form the harmonic pattern shown in the chart, provided that a half-hour close candle is registered above the resistance of 0.6694.