AUDUSD Rate: AUDUSD stood at 0.69102 on the four-hour chart at 8:23 AM New York time, down from yesterday’s 0.69761 reading.
AUDUSD Elliott Wave Analysis
The previous forecast anticipated a final advance in wave (5) of an Ending Diagonal. Price reached 0.70149, completing the proposed wave iv correction before reversing sharply.
- Wave Structure: Bearish wave v potentially underway.
- Trendline: Rising diagonal broken.
- Support: 0.69037, then 0.6880.
- Resistance: 0.6960, 0.6990–0.70149.
The breakdown below the diagonal strengthens the bearish outlook. A break beneath 0.69037 would confirm a new low below wave iii, while a rebound toward 0.6960 could precede further weakness. Recovery above 0.70149 would challenge the completed wave iv interpretation.
AUDUSD News: Australia lost 39,300 jobs in September, with unemployment at 4.7%, weakening expectations of another RBA rate increase. US producer inflation and retail sales are also on today's economic calendar.