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The whole price structure on Aud/Usd looks very bullish since the market formed a three wave corrective decline from November highs, followed by a five wave reversal labelled as a red wave 1), which definitely confirms a bullish trend. For the last couple of days the pair was consolidating between 0.9800 region and parity level, and it appears to be a flat correction in wave 2), with a recent wave C move down to 0.9828 region. If our interpretation is correct then bulls should follow immediately with a break through an important 1.0028 resistance, where gains should accelerate into a red wave 3).

aud to usd elliot wave parityGuest post by  Gregor Horvat

On the other hand, we are also monitoring an alternate count, which shows that a move from 0.9535 low was in three waves, labelled as a red wave B), which could be part of a complex, huge unfinished blue wave (4) correction! We may switch to this count only if pair falls sharply below 0.9750 support while 1.0028 is in place.

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