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AUD/USD Daily Outlooks, Daily Look

AUDUSD: Flat correction looks completed; bears now taking over

AUDUSD broke higher recently, up into wave C-circled that is part of a big corrective wave IV which looks like a flat. A flat correction is a 3-3-5 pattern; a contra-trend movement that should send the price back to the downside after a completion. So far, markets made a very good and strong bearish turn to 0.7360 that appears to be an impulse, thus part of a bearish pattern in the big black wave V. We are looking lower as long as 0.7834 holds.

AUDUSD, Daily

audusd d (1)

On the lower time frames, AUDUSD is looking even lower, and it’s falling very aggressively so we need to consider the idea that the market is already in extended wave three headed down to around 0.7150-0.7200 area. The fact is that we always need to try to label the wave count so that we stay with a trend. That said we are looking straight down now towards 161.8-200% Fibonacci projection zone where we may see a recovery up into a red wave 4) that can be very interesting to join the downtrend while market trades beneath 0.7480.

AUDUSD, 4H

AUDUSD 4 (4)

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!