AUD/USD: Corrective Rally Could Be A Short Opportunity –

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AUD has been one of the weakest currencies in the last two weeks after the pair reversed down from around the 0.9300 region: a move which has been expected because of a corrective price action since start of July.

We are talking about a blue wave (4) that was an expanded flat. If that is the case, then the pair is now in wave (5) that needs to be made by five sub-waves, so more weakness is in view if we consider that the price is now at the end of a red wave 3) that will be looking for a temporary support around 0.8850 (261.8% Fibonacci extension of wave two).

In the next few days price could recover, but only in a corrective fashion back to 0.9000 which could be a nice are for shorts.

audusd aug 05 2013 4h Elliott Wave Analysis for technical trading forex

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About Author

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!

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