Elliott Wave Analysis: Aussie dollar unraveling this wave...

Elliott Wave Analysis: AUD/USD

AUD/USD

The Australian dollar/U.S. dollar (AUD/USD) currency pair is unraveling a nice and clear five-wave rise from the lows, which is a sign of where the trend is going. We see it going bullish, however after a temporary three-wave pullback unfolds. Currently, we see wave v in play that can look for a top and a turn into a correction at the 0.7306 zone. The later correction can face support at 0.7253 level.


AUD/USD, 1-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 TheLFB.com. He also is founder of forex services on www.ew-forecast.com.