A few weeks ago we talked about the AUDUSD currency pair. It is assumed that a bearish intervening wave x of a cycle degree is formed. It looks like a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
Perhaps at the level of 0.710 we saw the end of the primary wave Ⓨ, followed by the development of the primary intervening wave Ⓧ. Apparently, the wave Ⓧ takes the form of a bullish intermediate double zigzag (W)-(X)-(Y).
In the short term, the AUDUSD price is likely to rise to 0.759. At that level, wave Ⓧ will be at 61.8% of primary wave Ⓨ.
An alternative scenario eyes the formation of the cycle intervening wave x which has not yet been completed.
It is assumed that it takes the form of a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag. The final wave Ⓩ of the primary degree is under construction. Perhaps it takes the form of an intermediate simple zigzag (A)-(B)-(C). It seems that the price has corrected in wave (B), so in the near future the market may start moving in a downward direction in impulse (C) towards the level of 0.688.
At that level, primary wave Ⓩ will be at 76.4% of primary wave Ⓨ.
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