AUDUSD — H8 | 23-02-2026 Elliott Wave OutlookAustralian Dollar / U.S. DollarFOREXCOM:AUDUSDTDVPRE2425🔎 AUDUSD — H8 | 23-02-2026 Elliott Wave Outlook — Awaiting Completion of the Final Extension • On the H8 timeframe, AUDUSD has completed red wave (1) and (2), followed by an extended red wave (3) reaching 0.71472. • The market is currently developing red wave (4). • Price is testing the 0.70156 level — the 0.236 Fibonacci retracement of red wave (3). • As long as this level holds, the probability remains high for AUDUSD to extend higher and complete red wave (5). In the event that price breaks below 0.70156, it would indicate that red wave (4) is not yet complete, and attention should shift toward the 0.382 Fibonacci retracement of red wave (3) as the next potential support zone. 📌 Preferred scenario (Bullish continuation): • Patiently wait for red wave (4) to complete, then trade in alignment with the prevailing trend, looking for buying opportunities during pullbacks within red wave (5). ⛔️ Structural invalidation: • A decisive break below 0.67276 would invalidate the current wave count and require reassessment. 🧭 Market insight: Wave 5 is often less powerful than Wave 3 — but it is where the trend structure completes.