AUD/USD maintains a bullish outlook on the 4-hour chart, trading near 0.70244 following a recovery from 0.68941. The Elliott Wave count identifies the earlier decline as wave i, followed by a developing five-wave advance with green subdivisions (1) through (4) and a projected wave (5), completing the red-labeled wave A. Recent higher highs and higher lows support the upward structure, although consolidation below the recent peak suggests temporary hesitation. The blue projection anticipates a final advance toward approximately 0.70450, followed by a corrective decline toward 0.69750 before a potential recovery toward 0.70150. A sustained break beneath 0.69750 would weaken the projected recovery scenario, while movement above 0.70450 would support continued upward momentum.
Technical Summary of AUD/USD Price for October 23, 2026
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Trend: Bullish
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Key Support: 0.70000 (approximate); 0.69750 (projected)
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Key Resistance: 0.70350 (approximate); 0.70450 (projected)
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Trading Range: Projected corrective zone 0.69750–0.70450.
Trader's Question: Is AUD/USD approaching completion of its current bullish Elliott Wave sequence?
The projected wave (5) suggests a final advance toward 0.70450 before a possible correction, but completion remains unconfirmed.