AUDUSD Cycle Correction Completion Coming Up

0 288

The AUDUSD formation hints at the construction of a bullish cycle correction b, that takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.

The final primary wave Ⓩ of the specified cycle is a standard (A)-(B)-(C) zigzag.

Sub-waves (A) and (B) are complete, and the impulse wave (C) is still under construction.

The final wave 5 could end near 0.792. At that level, the intermediate impulsive wave (C) will be at the 61.8% Fibonacci extension of impulse (A).

audusd

An alternative scenario shows the minor impulsive wave 3 of the bullish impulse (C) has completed.

Correction wave 4 is likely to lead prices down to the 0.754 area. At that level, it will be at 50% of impulse 3.

Finally, we could see the price rise in the last actionary sub-wave 5 above 0.781, which was formed by the minor wave 3.

Test your strategy on how the AUD will fare with Orbex - Open Your Account Now. 

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.