Elliott Wave Analysis: Bears Push Lower On AUD/USD
AUD/USD is trading bearish, down from 0.739 level. We are observing a five-wave fall in play, with current low representing end for wave 3. If that is the case, then a minor pullback as wave 4 may follow, which may later look for resistance and a bearish reversal near the 0.724/0.726 zone. That being said, a break above the upper Elliott wave channel line will confirm corrective wave 4 to be in play.