Despite weak employment data from Australia reported two sessions back, AUDUSD was able to turn bullish from the 1.0493 level after an initial 878 pip fall from daily open. On the chart below you can see that the pair bounced from the daily trend-line connected from December 27th low which holds very well for now, meaning that the trend is still up for the pair. From an Elliott Wave perspective, we can see that decline from 1.0598 level is actually in three waves. These are corrective legs, which means that whole pull-back is part of ongoing uptrend. With that said, retracement since January 10th could be fully retrace. Patience traders will wait on confirmation of bullish moves, which comes in at 1.0573 breakout Get more analysis and Elliott Wave forecasts dirrectly from www.ew-forecast.com . Get free access now through 7-Day Trial Offer. You can also follow us on twitter @ewforecast 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! View All Post By Gregor Horvat Opinions share Read Next New Delta Hedging Version Launched by MarketsPulse Yohay Elam 10 years Despite weak employment data from Australia reported two sessions back, AUDUSD was able to turn bullish from the 1.0493 level after an initial 878 pip fall from daily open. On the chart below you can see that the pair bounced from the daily trend-line connected from December 27th low which holds very well for now, meaning that the trend is still up for the pair. From an Elliott Wave perspective, we can see that decline from 1.0598 level is actually in three waves. These are corrective legs, which means that whole pull-back is part of ongoing uptrend. With that said,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
