Hello fellow traders. In this blog, we’re going to take a quick look at the Elliott Wave charts of AUDJPY, published in members area of the website. AUDJPY has been giving us correction against the 05/10 peak. We’ve been calling rally in the Forex pair due to higher high sequences in the short term cycle from the 08/10 low. In the further text we are going to take a look at the price structure and explain the forecast.
AUDJPY 1h Hour Elliott Wave Analysis 8.28.2021
As we can see on the chart below, the forex pair made 5 waves up from the 8.10 low. That cycle is labeled as A red. We got 3 waves pull back – B red after which the price rallied and made new short term peak. The pair is now showing higher high sequences from the 8.10 low. We expect the pair to trade higher within C red that should unfold in 5 waves. The pair is bullish against the 76.4 low and calling for further rally. Short term cycle from the 79.4 low looks to be unfolding as 5 waves which should be wave ((i)) of C. We expect to see another short term high to complete 5 waves in ((i)) black. Then we can get 3 waves pull back ((ii)) before buyers appear again for further rally.
AUDJPY 1h Hour Elliott Wave Analysis 8.31.2021
Short term cycle from the 74.4 low ended as 5 waves, and we got ((ii)) pull back as expected. As far as the price stays above 79.94, more aggressive view suggests ((ii)) can be done. We believe that next leg up can be in progress. We don’t recommend selling the pair and favor the long side against the 79.4 low due to bullish sequences in the cycle from the 08/10 low. The pair is targeting 81.61-82.13 area. Current price structure in the August cycle is characteristic for the Incomplete Elliott Wave Zig Zag Pattern.
You can learn more about Elliott Wave Zig Zag and other Patterns at our Free Elliott Wave Educational Web Page.
AUDJPY 1h Hour Elliott Wave Analysis 8.31.2021
The price held above 79.94 low and we got extension higher. Our target area 81.61-82.13 area is not so far away, but still looking for more upside. At this stage we call for another marginal push up to complete ((iii)) of C red.
Keep in mind that not every chart is trading recommendation and market is dynamic so presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
Elliott Wave Forecast
Source: https://elliottwave-forecast.com/forex/audjpy-bullish-sequences-calling-rally/