AUDUSD Primary Intervening Wave Ⓧ To End Near 0.744

By Orbex

AUDUSD seems to be forming a bearish triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag.

At the time of writing, a bullish intervening wave Ⓧ is developing. This can take the form of an intermediate triple (W)-(X)-(Y)-(X)-(Z) zigzag.

In the upcoming trading weeks, prices could continue higher in (Z), more precisely in its final minor wave Z, as shown on the chart.

Prices could rise to the level of 0.744. At that level, the primary wave Ⓧ will be at 50% of the primary wave Ⓨ.

After reaching the specified level, the price could fall in the primary wave Ⓩ, below the minimum of 0.696 marked by the wave (X).

It is also worth considering an alternative scenario in which the market is in the final part of the primary wave Ⓩ.

Most likely, this wave is a double zigzag (W)-(X)-(Y). To complete this double zigzag, an intermediate wave (Y) is necessary. According to the internal structure, this wave is similar to double zigzag W-X-Y of the minor degree.

In the near future, the price could lower in the minor wave Y to the level of 0.688. At the level of 0.688, the intermediate wave (Y) will be at 76.4% of the intermediate wave (W).

Finally, it is likely that the cycle wave z will develop above the maximum of 0.731.

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Article by Orbex

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