AUDUSD 1 Hour Elliott Wave Analysis

Hello Traders,

In this 1 hour Elliott Wave Analysis we will have a look at AUDUSD.

The pair ended cycle from 06/06/18 peak (0.7677) at the low of 06/21/18 (0.7344) in red wave A.

The internal structure of red wave A unfolded as 5 waves Elliott Wave Impulse. Where black wave ((i)) ended at 06/08/18 low (0.75603). Up from there, it ended black wave ((ii)) correction at the peak of 06/12/18 (0.7624). Below from that peak, it ended black wave ((iii)) at the low of 06/19/18 (0.7346). Up from there, it ended black wave ((iv)) correction at the peak of 06/20/18 and finally, it ended black wave ((v)) of red wave A at the low of 06/21/18 (0.7345)

From that low, the market is currently in the process of correcting the cycle from 06/06/18 peak in red wave B in 3, 7, or 11 swings and as far as the pivot at 0.768 high in our distribution system stays intact, we are looking for more downside because of its 1-hour bearish sequence.