AUD/USD Looking Bullish Mid-Term: Elliott Wave Analysis
AUD/USD made a five-wave recovery from 0.551 low, indicating a change in trend, from bearish to bullish. However, after a five-wave recovery fully develops, a temporary set-back may follow.
We see a five-wave completed rally in wave A/1, which can now be followed by a three-wave pullback as B/2. Possible support and a resumption of the bullish trend can in days or weeks ahead be at the 0.645/0.612 level, where former swing lows, and Fib. ratio of 38.2/61.8 are located.