Aussie Seems Sideways
Gregor Horvat | May 13, 2021 03:08AM ET
AUD/USD is turning sharply down after US CPI data which triggered some risk-off moves as investors assume that the Fed will not be able to watch inflation for too long; sooner or later they will have to fight it. So different policy expectations brings different trends.
As per Elliott Wave analysis, we are seeing Aussie back in a consolidating phase; ideally still a triangle which can be now a triangle or maybe even flat if we consider that first two legs; waves B and A unfolded in three waves.
That been said; be aware of more sideways or even slightly bearish price action in the near future, towards 0.7600 before market may stabilize.
AUD/USD 4h Elliott Wave Analysis Chart
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