Elliott Wave Analysis: AUDUSD Trading In A Bearish Impulse

Good day traders!

AUDUSD made a new sharp and strong drop at the end of last week, which we labeled it as sub-wave 5 of three. As such, current rise is seen as wave 4) in progress if we consider a broken trendline from black waves 2 and 4. That said, we are tracking a new corrective rally that may retrace back to the area of a former wave four to 0.7874 from where bears may fall to a new low. Overall trend on Aussie is still seen bearish as long as pair trades beneath 0.7953.



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