FX.co ★ Elliott wave analysis of AUD/USD for May 28, 2021

AUD/USD looks a bit overbought at 0.7745. Hence, AUD/USD cannot move closer to the strong resistance level near 0.8150 in a more complex correction in wave 2/ before going up again to 0.8850 in the long term.

In the short term, after a break above 0.7850, the pair will test strong resistance of 0.8150, but this resistance will likely not crack at the first test.

Trading recommendation:

Buy AUD near 0.7380 or upon a break above 0.7850 for a run towards 0.8150.