AUDUSD: Last Impulse Could End Near 0.7042

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The current AUDUSD structure suggests that the market is forming the final part of the bullish intermediate zigzag (A)-(B)-(C).

It seems that minor wave 1 in (C) has already been formed. We are now likely to see a bearish zigzag 2, which could be soon completed.

After the completion of zigzag 2, the market could rise into minor 3 and then 5 towards the 0.704 area. The target would respect the tenancy of impulse waves (A) and (С) being equal.

The alternative scenario above assumes that the intermediate bearish wave (B) has not yet been completed.

The current structure suggests that this wave could have taken a bearish zigzag А-В-С formation, in which wave C is still being formed.

If the hypothesis is correct, we could see a decline in the area of the previous low, which was formed by impulse A.

That is, the completion of the impulse C aims at a 0.685 low.

 

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