Big Picture Aussie Looking for Temporary resistance – Elliott wave analysis
We labelled a completed higher degree impulse at 0.551 lows, from where a five-wave recovery started taking place, labeled as wave A/1. This five-wave rise is a sign of where the trend is going: to the upside. However, after every five waves, a temporary consolidation may follow, in our case an A)-B)-C) move for a higher degree wave B/2, which can reach support at 0.637/0.625 region. That said, now wave A/1 can look for resistance at the 0.701 level.
On the 4h chart of Aussie, we can see a five-wave rise within the fifth wave of A/1, which can be ending its wave 3, so be aware of temporary pullbacks, before higher high may be seen. We have in mind wave 4, with support at 0.685 level, and at the lower base channel line, at 0.681 level.