AUDUSD is reversing from the low, now trading well above 0.9300. In fact, rally from the low can be considered as motive wave that is part of a larger recovery. Therefore we think that pair completed wave 1/A as leading diagonal and that current recovery represents a temporary rally in wave 1/A that may look for a resistance around 0.9380-0.9400 area. From a bigger perspective we still assume that AUDUSD found its peak at 0.9504 back in July and that AUDUSD will break lower rather than higher.
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AUDUSD 4h Elliott Wave Analysis
