Elliott wave analysis of AUD/USD for November 16, 2021

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AUD/USD continues to follow the expected path we predicted earlier. We continue to look for sub-wave B/ to move closer to 0.7176 before sub-wave c/ takes over for a rally back to 0.8000 to complete wave B. If so, there might be a decline in wave C back to test the low of wave A at 0.7106. This will complete wave 2 and set the foundation for the next impulsive rally to way above the peak of wave 1 at 0.8007.

The material has been provided by InstaForex Company - www.instaforex.com

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