AUDUSD - Daily Elliott Wave Count
As mentioned in the weekly update below, I believe we are starting wave (iii) of circle 5 down. I do believe we started wave 1 of (iii) today.
Any move above .76768 would invalidate this count.
The AUDUSD price is currently above the 200 period SMA and the RSI above the 50 indicating a buy only strategy on the daily charts.
Not showing a 4 hr chart but price did bounce off the 200 period SMA and the RSI is below the 50. I anticipate a sell strategy on the 4 hr charts within the next few days.
AUDUSD Daily Chart
AUDUSD - Weekly Elliott Wave Count
The #AUDUSD has been in a strong down trend for 5 plus years and I don't see it ending for at least two more years.
I do believe the pair has started wave (iii) of circle v and is heading toward the .6000 area over the next year or so. The alternate count I am show is another 1, 2 wave rather than an A, B. This would mean there is another fourth and fifth wave coming after the circle v wave is complete.
The AUDUSD price is currently below the 200 period SMA but the RSI is above the 50 indicating a sideways move and a neutral weekly strategy.
AUDUSD Weekly Chart