Elliott Wave Analysis: AUDUSD Is Turning Bullish

5 us dollar bill

Aussie is strong this week and one of the strongest since the USD turned south. We see AUDUSD up 2.6% which is the most when comparing it to other pairs with the price action away from the July low. As such, this is the currency we want to pay the most attention to as it may have the most upside potential. We also see metals turning up late, plus stocks, so AUDUSD can see more upside in this environment. From an Elliott wave perspective, we also see five waves up, out of a wedge pattern, so this can signal for further Aussie strength after the retracement. Support would be at 0.6848 and then 0.68 if any retracement gets deeper, but should not fall below 0.6682.