Elliott Wave Analysis: AUDUSD Trading Higher into Wave Two
AUDUSD can be trading at the start of wave C)(visible on 4h chart), specifically at the end of black sub-wave 1. We see wave one unfolding nicely to the upside, with minor wave v in motion. Previous swing high of 0.7517 level can act as a resistance region for the mentioned wave, which means we can expect a contra-trend reaction to follow from there. Support for the following wave 2) can later be seen around 0.7421 level.
Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.
Find more: Contributing Authors