AUD/USD has elevated in the a couple of months, but definitely only for a mean time as rally from the low is having an overlapping structure. We can tell that this is an essence of a contra-trend price action, so trend remains bearish for now within impulse that is in play since mid-2014. Ideally, We perceive the market will turn lower in weeks ahead as a result of the bearish nature of the market trend,
However we could be considering different view and assumption consider if price would break above 0.8300. AUD/USD Daily Elliott Wave Analysis On the chart we can actualize that pair reached new highs last week at 0.8160 which could be the end of a corrective rally from March lows if we consider recent resent bearish movement through the lower side of a trading chart. Certainly, we would not be surprised to see more down-lows ahead, but after a bounce back to 0.8000/50, where we would be interested in short if pullback occurs. AUD/USD 4h Elliott Wave Analysis Trade Insight: Shart at 0.8050 Stops at 0.8140 Target 0.7800 Move stops to break-even when 1:1 risk/reward is archived. Trade margin would be inappropriate if not filled and market goes to 0.7800.
