AUDUSD Rate: AUDUSD traded at 0.69761 on the four-hour chart, timestamped October 13, 7:38 AM New York time. The broader trend remains bearish.
AUDUSD Elliott Wave Analysis
Wave iii completed at 0.69037, followed by a corrective recovery in wave iv. Its internal A–B–C structure suggests wave C is forming an Ending Diagonal, with wave (4) potentially complete.
A final advance in wave (5) toward 0.7000 could complete wave iv before the broader decline resumes.
- Wave Structure: Bearish trend; corrective rebound.
- Trendline: Rising diagonal within the correction.
- Support: 0.6950, then 0.69037.
- Resistance: 0.6990–0.7000.
A break below the diagonal’s lower boundary would strengthen the bearish outlook. Sustained gains above 0.7000 would require reassessing the corrective structure.
AUDUSD News: The Reserve Bank of Australia signaled possible further tightening amid persistent inflation. Meanwhile, US CPI is due October 14 at 8:30 AM ET, potentially influencing dollar volatility.