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AUDUSD Bearish; Wait On Pull-back For New Shorts (Elliott

AUDUSD extended its weakness in the last few sessions within wave (iii) which can be counted now in five smaller waves.

As such, support for the current decline could be near, maybe around 0.9800 from where we will be tracking a wave (iv) corrective rally if we see evidences of a temporary low.

If that will prove correct then traders should keep an eye on levels around 1.0000 where we can see wave four swing of one lower degree, plus a lower base channel line that could react as a resistance as well.

Any shorts in such a case should have stops above 1.0152 critical region as wave four must not trade into a territory of a wave one.

AUDUSD Technical Elliott Wave Analysis for currency trading May 15 2013

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!