FX.co ★ Elliott wave analysis of AUD/USD for March 1, 2022

The Aussie dollar continues to display underlying strength and we continue to look for a rally towards the long-term resistance near 0.8000. A break above minor resistance at 0.7314 will open up the upside for the expected rally higher towards the 0.8000 target.

That said, we also have to acknowledge, that the rally towards 0.8000 is part of a larger corrective pattern and once AUD/USD is closing in on the 0.8000 target, that will also mean the completion of wave B and the on-set of wave C lower.