In this technical blog we’re going to take a quick look at the Elliott Wave charts of AUDUSD, published in members area of the website. As our members know, AUDUSD is showing incomplete bearish sequences in the Daily cycle. Besides that, the pair has incomplete bearish sequences in the cycle from the 0.7299 (January 31st) peak. Consequently, we advised members to avoid buying the commodity pair and keep favoring the short side. We expected AUDUSD to keep on finding sellers in the sequences of 3,7,or 11 swings.
In further text we’re going to explain Elliott Wave Forecast and trading strategy.
AUDUSD 4 Hour Elliott Wave Analysis 9.12.2019
Decline from the July 19th peak (0.7085) unfolded as 5 waves structure- wave (3) blue. We are about to complete wave (4) blue recovery. Proposed correction has already reached equal legs area at 0.68353-0.69281 ( blue box). As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a pull back. Main trend is bearish and we expect to see sellers in that area for further decline or 3 waves pull back at least. As soon as the pull back reaches 50 fibs against the B red low, we will make short positions risk free.
AUDUSD 1 Hour Elliott Wave Analysis 9.14.2019
The price is still trading sideways within the blue box. At this stage we see possibility wave (4) recovery could be completed already at 0.6894 high. However, we need to see further separation from the current peak to confirm cycle from the low is over. We don’t recommend buying the pair and favor the short side from the marked blue box. Invalidation level for the sellers is break above 1.618 fib extension: 0.69262.
AUDUSD 1 Hour Elliott Wave Analysis 9.18.2019
0.6894 has held well so far, however we haven’t got enough separation from the peak yet. The price is still sideways and too close to the 0.6894 high. As far as the price stays below that peak, we are calling recovery completed and expecting further weakness in the pair.
AUDUSD 1 Hour Elliott Wave Analysis 9.18.2019
In the mean time we got proposed decline. The pair has made nice separation from the 0.6894 high. At this stage we have already reached 50 fibs against the B red low. Members who took short trades from the blue box are now enjoying profits within risk free positions. AUDUSD is now showing incomplete sequences from the 0.68944 high which makes the pair bearish against the 0.6806 high. As far as that pivot holds, we can be doing next leg down as shown on the chart. Alternatively, if pivot at 0.6894 high gives up, we can get double in wave (4). In that case we would like selling the pair at the next set of equal legs from the 08/07 low.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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