AUD/USD Above 0.7855 Seems Bullish - Elliott Wave Analysis

• Aussie completes W, X, Y corrective wave
• AUD/USD unfolds H/S Pattern
• Rise above 0.7855 indicates bullish confirmation

AUDUSD found a support at the end of last week, at 0.7676 level which has been technically expected after pair made a corrective drop from 0.8 high.

According to Elliott Wave analysis it seems that big pullback was a wave 4, a corrective pause within a higher degree uptrend that is now ready to resume as pair breaks 0.7815 resistance.

In fact, we also see a potential H/S (Head & Shoulder) bottom which is another important indicator for a potential higher prices while market is above 0.7676 level, but we need rise above 0.7855 intraday swing to make sure that current pullback is part of a higher degree wave 3.

AUDUSD 4h Elliott Wave Analysis Chart