Elliott Wave View Looking for AUDUSD to Resume Lower – Action Forex

Short Term Elliott Wave view in AUDUSD suggests that cycle from 9.30.2024 high is in progress as an impulse. Down from 9.30.2024 high, wave 1 ended at 0.6434 and wave 2 rally ended at 0.6528. Pair resumed lower in wave 3 towards 0.6176 as the 1 hour chart below shows. Wave 4 rally ended at 0.63. Internal subdivision of wave 4 unfolded as a zigzag Elliott Wave structure.

Up from wave 3, wave ((a)) ended at 0.6225 and pullback in wave ((b)) ended at 0.6194. Wave ((c)) higher ended at 0.63 which completed wave 4 in higher degree. Pair has resumed lower in wave 5 which subdivides into another 5 waves. Down from wave 4, wave ((i)) ended at 0.6128. Wave ((ii)) rally is in progress as a zigzag with wave (a) ended at 0.6207 and wave (b) ended at 0.6162. Expect wave (c) higher to end at 0.624 – 0.629 area and this should complete wave ((ii)) in higher degree. As far as pivot at 0.6302 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.

AUDUSD 60 Minutes Elliott Wave Chart