By Orbex
The AUDUSD currency pair suggests the development of a bearish intervening wave x of the cycle degree. It hints at a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
At the time of writing, a bullish intervening wave Ⓧ is formating, taking the form of an intermediate double (W)-(X)-(Y) zigzag. Currently, the intermediate intervening wave (X), followed by the development of the final actionary wave (Y), has begun.
Wave (Y) can take the form of a double zigzag W-X-Y of the minor degree. The W and X sub-waves have already completed their pattern. And each of them is a triple zigzag of the minute degree.
Thus, in the near future, the rate could increase in the minor wave Y towards the 0.758 area. At that level, intermediate waves (W) and (Y) will be equal.
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Let’s consider an alternative scenario in which the formation of the primary intervening wave Ⓧ has already come to an end. It took the form of an intermediate double zigzag.
Now the market is in the final part of the primary wave Ⓩ and most likely, it is a double zigzag. This wave can complete the minor standard zigzag near 0.695 level, as shown on the chart.
At the level of 0.695, primary wave Ⓩ will be at 76.4% of wave Ⓨ. After reaching the specified price level, the cycle intervening wave x will end. Then prices could rise within the cycle wave z above the maximum of 0.755.
Article by Orbex
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