AUD/USD trading higher into a bigger correction

July 19, 2017 08:53 AM
Elliott Wave Analysis: AUD/USD

The Aussie/U.S. dollar (AUD/USD) currency pair broke out of a triangle last week, shown on a daily chart, so the current leg up on the 4-hour chart can be a new five wave rise in progress. We are talking about impulsive Wave C that should be made by five waves before the top can be seen. Well, based on the sharp rise last week from 0.7570 we think that's still Red Wave 3 in progress that can lift price up to 0.7950 this week or even higher. Specifically, we see price trading at the end of a minor Wave 3, which means a temporary correction into Wave 4 may follow.

AUD/USD, 4-hour

AUD/USD, daily

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.


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: