By Orbex
The current AUDUSD structure hints at the construction of a large corrective trend. This takes the form of a triple combination consisting of cycle sub-waves w-x-y-x-z.
Most likely, the first three parts of this triple zigzag have ended. The bearish intervening wave x, which is similar to a double Ⓦ -Ⓧ -Ⓨ zigzag, is currently under development.
The primary actionary wave Ⓦ is an intermediate double zigzag, whereas the intervening wave Ⓧ is a bullish triple zigzag.
The last intermediate wave Ⓨ is also similar to a triple zigzag, which could soon be completed. Its end is possibly near 0.737. At that level, cycle wave x will be at 61.8% of wave y.
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After reaching this level, the pair is expected to rise above the maximum of 0.800.
According to an alternative scenario, the cycle degree wave x will have a more complex structure and will take the form of a primary triple zigzag.
In this case, we can assume that the actionary wave Ⓨ has just come to an end.
It is likely that, in the short term, the price will rise slightly within the second intervening wave Ⓧ. After which the price could move in a downward direction in the final wave Ⓩ to 0.722. At that level, wave x will be at 76.4% of wave y.
By Orbex
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