Will the Aussie/dollar hit resistance?

October 27, 2015 09:22 AM
Elliott Wave Analysis: AUD/USD

The AUD/USD currency pair, now moving toward 0.7440 resistance where upside move can be limited as this was a termination point of a wave 4 of one lesser degree. As such, this can be ideal zone for a new turn to the downside, especially if we consider that rally from 0.6900 is in three waves, thus it can be corrective fourth wave. With that in mind we need to be aware of a new leg down soon.

AUD/USD, Daily

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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/