Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of AUDUSD published in members area of www.elliottwave-forecast.com. In further text we’re going to explain the short term Elliott Wave view.
AUDUSD Elliott Wave 1 Hour Chart 11.02.2017
As our members know, AUDUSD has had incomplete bearish sequences in cycle from the 09/08 peak. Cycle from the mentioned peak has been unfolding as ((A))((B))((C)) Zig Zag structure. Wave ((B)) has ended at 0.78997 peak and decline from that peak should have 5 waves as well. As of right not we’re doing wave (4) recovery which is expected to make another leg up toward blue box. As cycle from the 09/08 peak is incomplete, we expect more short term weakness after proposed wave (4) completes. Consequently, we advised members to avoid buying the pair and keep selling the rallies in 3,7,11 swings. At this stage price is bearish against the 0.78997 pivot and potential sell zone comes at 0.7712-0.7731, when invalidation is break above 0.7761.
Shortly after AUDUSD made proposed leg up toward blue box. It found sellers , and complete wave (4) recovery at 0.77330 high. The pair has made the new low on 13th November , continuing trading lower toward our target area.
AUDUSD Elliott Wave 1 Hour Chart 11.14.2017
Distribution system during the proposed wave (4) bounce suggest bounce was not a wave ( 4) any more as it ended cycle from 13th October 2017 peak, therefore we have adjusted Elliott Wave structure to a double three ((W))-((X))-((Y)) from 09/08 peak and labelled the bounce to 0.7729 as wave (X) rather than wave (4) but there is no change in overall view, pair has already made new lows and we are still expecting more downside. Short term the pair remains bearish against the 0.76954 peak. We’re expecting sellers to appear again at 0.7461-0.7660 short term tech area.
Keep in mind market is very dynamic. If you’re interested in new Elliott Wave forecasts of AUDUSD you can find them in the membership area of EWF.
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