Elliott Wave Analysis: Aussie Confirm Bearish Turn

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Aussie has turned down recently, from 0.7660 with an impulsive price action that also broke below 0.7456 support. We think that the Australian dollar can see even more weakness due to China, where inflation rose in March, while the large lockdowns in the country exacerbate supply-chain issues. We can also see that the recent bounce on AUDUSD to 0.7660 was not confirmed by CNH or Copper moves, so if these two go lower we assume that AUDUSD will stay in the current intraday bearish cycle. From an Elliott Wave perspective, we expect further weakness after a-b-c rally.  The first nice resistance for the next sell-off would be at 0.7480 followed by 0.7540.