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