Aussie's bearish reversal

Elliott Wave Analysis

AUD/USD found a support last week at 0.9238 and turned back above 0.9300.

We see that recovery as first leg that is part of a larger rally. Therefore we suspect that pair completed wave 1/A as leading diagonal and that current recovery or sideways price action represents a temporary rally in wave 2/B that may look for a resistance around 0.9370 after wave (c) that seems to be underway now.

From a bigger perspective we assume that AUD/USD found its peak at 0.9504 back in July and that AUDUSD will break lower rather than higher, but after a completed three wave bounce.


AUD/USD 4-hr Elliott Wave Analysis


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About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

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