RBA and China Are Bullish For Aussie- Elliott waves

10 Jun 2022

Aussie is trying to wake up as RBA started hiking rates while China is going out of lockdowns in June, so seems like wave C is already in place, unless this is still a higher degree leg A from the 0.7661 highs. Well, at this stage it's too early to confirm any new long-term bottom, but at least in the short-term we should be aware of more upside after recently broken trendline resistance in the first leg, so more upside can be coming after pullback. Support is at 0.7/0.7030 which can be also a base of a right shoulder on 4h chart.

Also, HSI has made a nice turn up recently which can be positive for the Aussie.