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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