AUD/USD Long-Term Elliott Wave Outlook

In this analysis, I have applied the Elliott Wave Theory to the AUD/USD daily chart to project the potential long-term movement of the pair.

Current Structure:
The pair has completed a clear five-wave impulsive decline from the peak in 2021 (marked as 1-2-3-4-5 in blue), followed by an ABC corrective wave, which seems to have completed its final leg in early 2023.

Formation of WXY Pattern:
After the initial ABC correction, the market has entered a complex corrective phase. We are now observing the formation of a WXY pattern, with Wave W already completed in mid-2023.
The pair is currently in Wave X, which could extend towards the 0.70 - 0.75 region, followed by a decline in Wave Y, potentially targeting the 0.60 area.

Outlook for 2024-2026:
My projections suggest that the market could rise to complete Wave X by 2025.
Following this, a significant decline in Wave Y could occur, pushing AUD/USD towards new lows around 0.60 by 2026.

This scenario aligns with the broader macroeconomic outlook, where a strong USD and a weaker AUD are expected over the long term.