HomeContributorsTechnical AnalysisElliott Wave Analysis: AUDUSD Update

Elliott Wave Analysis: AUDUSD Update

AUDUSD is nicely falling away from 0.7988 level, where corrective blue wave b found a top. We can see that Fibonacci ratio of 61.8 also proved to be good region of resistance and helped push price lower. That said, we now think blue wave c can take price lower towards the 0.7760/0.7650 in upcoming sessions.

On the second scenario, we see price trading in a bearish reversal, with recent temporary recovery representing corrective wave 2, with more weakness to follow.

AUDUSD, 4H

Elliott Wave Financial Service
Elliott Wave Financial Servicehttp://www.ew-forecast.com/
Trading forex, futures or futures options carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.

Featured Analysis

Learn Forex Trading