23 Nov

AUDUSD Cycle Correction Completion

November 23, 2020

By Orbex

audusd elliott

The current AUDUSD structure indicates a cycle corrective wave b of a triple zigzag. The specified zigzag consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The final wave Ⓩ takes the form of an intermediate degree (A)-(B)-(C) zigzag. Intermediate impulse (A) and correction (B) are fully complete, whereas impulse (C) is still under development.

The completion of the triangle wave 4 is expected near 0.727. This level is on the support line drawn through the vertices of the minute sub-waves ⓐ and ⓒ.

Finally, prices are expected to rise in the minor wave 5 to the 0.744 area.

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audusd

An alternative scenario looks at corrective wave (B) being a longer structure. Minor wave W is completed, and the intervening wave X is still under construction.

The current structure of intervening wave X hints at a minute flat that is nearing its end at 0.737. The target is on the resistance line drawn through the top of the impulse (A) parallel to the lower support line.

Finally, we could see the currency pair depreciating in wave Y to the level of 0.697. This is highlighted on the support line drawn through the lows W and ⓑ.

By Orbex


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