AUDUSD: Triple ZigZag Pattern Likely To Complete Primary Wave Ⓧ Near 0.768

AUDUSD suggests the development of a bearish intervening wave x of the cycle degree. It hints at a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

Apparently, at the time of writing, a bullish intervening wave Ⓧ is under development. This can take the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). In the current chart, we can see the end of the first intermediate intervening wave (X).

If our assumption is correct, then in the next coming trading weeks, market participants will see a gradual upward movement in the sub-waves (Y)-(X)-(Z), as shown in the chart.

Thus, the rate may rise to the level of 0.768, at which, primary wave Ⓧ will be at 76.4% of primary wave Ⓨ.

After reaching the specified level, the price may fall in the primary wave Ⓩ below the minimum of 0.699 marked by the wave Ⓨ.

It is also worth considering an alternative option. Here,  the formation of the primary intervening wave Ⓧ has already completely come to an end. It took the form of an intermediate double zigzag.

Now 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 needed, so it is worth waiting for the price to decrease in the specified wave.

At the level of 0.676, primary wave Ⓩ will be at 100% of wave Ⓨ. After reaching this level, the cycle intervening wave x will complete. Market participants could observe the rise of the currency pair within the cycle wave z above the maximum of 0.755. This is marked by the primary intervening wave Ⓧ.

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