The Australian dollar is rebounding strongly as the RBA’s rate hike reinforces the bullish Elliott Wave structure and supports further upside momentum.
AUDUSD is posting strong gains after bouncing today in response to the RBA’s decision to lift the key interest rate. From a technical perspective, price has been trending higher since breaking out of the base channel in mid-January, and this type of breakout confirms that the market remains in an extended impulsive phase. This suggests that wave three, or wave C, is still unfolding.
Importantly, the larger black wave three cycle is not complete yet and should continue to subdivide into five waves. Therefore, after the current retracement phase, further upside is expected into wave 5 of 3/C. Ideally, price should hold above the 0.69–0.70 support zone, which also represents a key psychological level and an important technical floor.
AUDUSD is posting strong gains after bouncing today in response to the RBA’s decision to lift the key interest rate. From a technical perspective, price has been trending higher since breaking out of the base channel in mid-January, and this type of breakout confirms that the market remains in an extended impulsive phase. This suggests that wave three, or wave C, is still unfolding.
Importantly, the larger black wave three cycle is not complete yet and should continue to subdivide into five waves. Therefore, after the current retracement phase, further upside is expected into wave 5 of 3/C. Ideally, price should hold above the 0.69–0.70 support zone, which also represents a key psychological level and an important technical floor.
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