The decline to 1.5057 in EUR/AUD ended Intermediate wave (X). Rally from there unfolded as a 5 waves impulse Elliott Wave structure, thus as long as the pullbacks stay above 1.5057 low, pair could see further upside. Up from 1.5057, Minute wave ((i)) ended at 1.5234, pullback to 1.5075 ended Minute wave ((ii)), Minute wave ((iii)) ended at 1.5606, pullback to 1.5481 ended Minute wave ((iv)), and Minute wave ((v)) ended at 1.5657.
The 5 waves rally from 1.5057 low completed Minor wave A of a zigzag Elliott Wave structure. Minor wave B is currently in progress as a double three Elliott Wave structure. Minute wave ((w)) ended of B at 1.545 and Minute wave ((x)) of B ended at 1.5626. Near term focus is on 1.529 – 1.542 area to end Minute wave ((y)) of B, then pair should resume the rally higher or bounce in 3 waves at minimum. We don’t like selling the pair and expect buyers to appear in 3, 7, or 11 swing dips from the above area for at least a 3 waves bounce as far as pivot at 1.5057 low stays intact.
EUR/AUD 1 Hour Elliott Wave Analysis
