We been talking about bullish Aussie already last week when identified three legs down int wave 4, at the 38.2% , which is important level for completion of a fourth wave within impulse, did not take much to see strong reversal since it is already trading at new 2026 highs
AUDUSD is now trading at new highs and appears to be in wave five of an impulse up from the November 2025 low. This suggests that the wave four pullback we had been tracking earlier is now completed, and the focus should shift to a new five wave move unfolding within wave five. In that case, the pair could be targeting the 0.7300 area, especially with the RBA meeting coming next week, where markets may start pricing in the possibility of further hikes. That is something that can keep supporting the Aussie and maintain the uptrend after the subwave four retracement. However, a drop back below 0.7057 would signal that a new corrective phase may already be underway.
Become a premium member
Get daily Elliott Wave updates for US Single Stocks, SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.