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The AUD is weak, today, on the unchanged rate decision from the RBA, which left its benchmark cash rate at 3%. However, there is speculation for more easing and a possible cut at the next meeting due to the inflation outlook and higher unemployment. This is the reason for weakness in the AUD/USD, which could extend much lower in this week. Technical outlook for the pair is also bearish after recent slow and overlapping structure in 1.0360-1.0475 range, which could be a triangle in fourth wave. The triangle is a five-wave pattern that typically occurs in the middle of a larger trend, so it’s basically a continuation pattern. That said, be aware of a fall through 1.0360 after completed wave (e), which is now underway up to 1.0410-1.0440 resistance.
AUD/USD, H4" title="AUDUSD Elliott Wave" width="506" height="512" />
On the daily chart we can also see a corrective advance from 1.0145 followed by a recently broken support channel line around 1.0415 (circled), which confirms the idea of a bearish trend for AUD/USD. So, looking for lower levels on this pair makes sense.
AUD/USD Daily" title="AUDUSD Elliott Wave" width="506" height="512" />
AUD/USD, H4" title="AUDUSD Elliott Wave" width="506" height="512" />On the daily chart we can also see a corrective advance from 1.0145 followed by a recently broken support channel line around 1.0415 (circled), which confirms the idea of a bearish trend for AUD/USD. So, looking for lower levels on this pair makes sense.
AUD/USD Daily" title="AUDUSD Elliott Wave" width="506" height="512" />3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
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