Hello fellow traders. 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 has incomplete bearish sequences in the cycle from the January 2018 peak. Price structure suggests that the pair is targeting 0.6938 area as far as 0.7382 pivot holds in 1st degree. Consequently, we advised our members to avoid buying it and keep on selling the rallies in the sequences of 3,7,or 11 swings.
AUDUSD 4 Hour Elliott Wave Analysis 9.19.2018
As we can see on the 4 Hour Chart , the pair is bearish against the 0.7382 peak in first degree. Once proposed recovery completes, we should ideally get further weakness. Current view suggests the price is still doing short term recovery , correcting the cycle from the 0.7382 peak. Proposed correction is unfolding as ((a))((b))((c)) ZIG-ZAG Pattern, when we’re still in ((c)) leg.
Let’s take a look at the short term charts, to see how we found reversal area.
AUDUSD 1 Hour Elliott Wave Analysis 9.19.2018
The pair is doing wave B red recovery. Price stracture of proposed recovery is looking incomplete at this stage, suggesting we should ideally get more strength toward 0.7287-0.73227 area ideally. We got proposed blue box ( selling zone) by measuring equal legs ((a)) related to ((b)).
Once the pair reaches proposed blue box, we would like to be sellers there. As the main trend is bearish, we expect sellers to pull the price lower toward new lows or in 3 wave pull back at least. Strategy remains selling the rallies at 0.7287-0.73227 area if get chance. Invalidation for the short trade is break of 1.618 fibonacci extension : 0.72788 . As soon as the price reaches 50 Fibs against the ((b)) black low, we should make our short positions risk free.
AUDUSD 1 Hour Elliott Wave Analysis 9.19.2018
Eventualy AUDUSD reached propoposed blue box and made decline from there. Recovery has ended at 0.7316 peak and now we are getting recovery agianst that high. Looks like recovery is unfolding as triple three pattern.
Keep in mind marked is very dynamic and proposed view could have ended in the mean time. 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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