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 TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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