AUDUSD Forex Elliott Wave 1 - 4 hr 21 March 2019
Aud/Usd 1 Hour Chart
Thursday, 21 March 2019 at 9:22:00 GMT
While the NZDUSD broke higher yesterday with five waves up from 0.6826 so more upside can be coming after the next pullback, which can be fourth wave. Higher high and higher swing low suggests we should stay bullish while market is above 0.6827.
So AUDUSD can be in a similar situation, this one has a support at 0.7111.
Aud/Usd 4 Hour Chart
Thursday, 21 March 2019 at 7:24:00 GMT
AUDUSD was trading in a bigger correction since the beginning of January; it looks to have unfolded a complex pullback labelled as a double zig-zag pattern, which found a potential base at the 0.6999 level. That said, current recovery from March lows can be a strong sign of a completed red wave B) pullback and that more upside can follow on the pair, ideally in impulsive fashion. At the moment we are observing wave 3 as part of a five-wave recovery within wave C), which can take price towards the 0.7200 bullish/resistance level. That said, at the 0.7200 level a top for wave 3 can be seen, and a temporary pullback as wave 4 may follow.
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