AUD/USD looking for more weakness

December 13, 2017 09:21 AM
Elliott wave analysis: AUD/USD

The Aussie dollar/U.S. dollar (AUD/USD) currency pair is showing us a potentially completed higher degree three-wave recovery as in an A-B-C manner within IV at the 0.8123 area from where a sharp reversal occurred in impulsive fashion, so it can represent a start of a new bearish cycle. We see Sub-wave 3) of 1 in progress, that can once be unfolded push price into a temporary pullback of Wave 4). Wave 4) can see limited upside near the 0.7653/0.7714 region.

AUD/USD, Daily

Regarding the 4-h chart, here we see the AUD/USD pair unfolding a minor rally, away from 0.7501 level, where Sub-wave 5 of 3) had completed. The current rise can now be part of an upcoming three-wave rally within corrective Wave 4), that can see limited upside near the 0.7655/0.7714  level.

AUD/USD, 4-hour

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: