AUDUSD has slowed down recently and pulled back around 130 pips as we warned in our past updates. But notice, that the drop is relatively slow and overlapping, so it can still be treated as a correction.
We have adjusted the wave count and still see this as a counter trend move, likely wave four within a more extended impulse that is still underway on the 4 hour chart. So, watch out for another push to the upside, ideally wave five targeting the 0.7200 area, where a higher degree wave three or possibly wave C could meet strong resistance.
Also consider the alternate count that suggests a diagonal from the beginning of this year. Even in that case, one more push higher would be missing before a larger reversal. First support is at the 23.6% retracement, but if wave four becomes more complex, a deeper and more important level would be around 0.6950.
Today we have a webinar planned, as usual – you can come check out our coverage on Forex, Stocks, Commodities and Crypto from Elliott Wave Perspective -> https://www.youtube.com/watch?v=pBMQphzV_WA
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