AUDUSD Could Continue Lower Within Larger Downtrend (Elliott Wave

We can see a mixed picture on the markets today; USD is up against AUD, JPY and GBP, but sideways against the EUR while gold is down and S&P futures remain unchanged. The main focus today is on AUD, which is moving lower across the board as the RBA leaves the door firmly open for further rate cuts.

From a technical perspective, we see a nice structure that could be good for shorts in the next 24 hours. We can see a three wave rise from the lows followed by a recent sharp intra-day downward reaction that could be start of a new bearish cycle.

However, we want to see further weakness during the days, towards the lower side of a trading channel. In such a case, we would focus on wave 2 pull-back or shorts.

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!

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