Elliott Wave Analysis: Big Consolidation on AUDUSD Completed; More Weakness In View 

audusd

Gregor - Author BIO photoElliott Wave Analysis: Big Consolidation on AUDUSD Completed; More Weakness In View

On the Daily chart of AUDUSD we can see a big, sideways price movement, known also as a triangle pattern now completed. Recently as we can see price made a sharp and strong reversal from wave E of IV at the 0.7527 level and made a break beneath the wave D swing, which normally means that the complex correction is completed, and more weakness may follow into wave V. That said we see pair now trading in sub-wave 1-circled.

AUDUSD, Daily

audusd-analysis

Regarding the 4h chart, AUDUSD made a nice reversal last month from the 0.7525 level, clearly with an impulsive price move which is important structure for a bearish trend. As such, we think this trend may continue after a three wave bounce up into wave two which in fact can be near completion as 0.7278 resistance is not that far away.

AUDUSD, 4H

audusd

 

http://www.ew-forecast.com/service

@ewforecast

By Gregor Horvat

2016 Now and Then Charts>> http://ew-forecast.com/newsletter/

Find more: Contributing Authors

Leave a Comment


Broker Cyprus TopFX