Sharp,
impulsive rally through the upper side of a recent downward channel suggests that AUDUSD reached a temporary low. Wave count below is showing us end of a five wave fall in wave 1) followed by a
corrective wave 2) now in progress that may reach levels around 1.0400-1.0450 in this week.
Elliott wave traders will know that current bounce should be in three waves, so more upside or
sideways action to come while 1.0226 low holds.
On 1h chart we can see that AUDUSD made five waves up which confirms a temporary bullish run. In fact, price action in current 1.0300-1.0360 range is looking corrective, so we believe its wave B, part of an
A-B-C recovery as mentioned above. If pull-back lower will occur in the next few hours then keep an eye on 1.0280 level from where price could turn bullish for C leg.
