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AUDUSD has turned bullish at the start of the year which can be a five wave pattern in progress, called an impulsive wave. As recent price action slowed down in a triangle that looks like a fourth wave so new high is expected.

However, despite a five wave recovery from the low, the bigger trend for AUDUSD remains to the downside as we see move from 0.8655 as wave C) that is part of a running flat correction in wave 4). With that in mind, we will look for bearish reversal signs once current uptrend reaches levels at 0.9500-0.9650.

AUDUSD Daily Elliott Wave Analysis

audusd daily Elliott Wave technical analysis June 2014

AUDUSD Weekly Elliott Wave Analysis  

audusd weekly Elliott Wave technical analysis June 2014