AUD/USD Key Resistance, in Temporary Recovery (Elliott Wave)

AUD/USD Key Resistance, in Temporary Recovery (Elliott Wave)

The Aussie is trying to recover from the low of 0.968, but for now a substructure of that bounce looks corrective.

The  pair is also approaching a key resistance area around 0.9937-a former wave 4.

AUD USD Elliott Wave Analysis May 30 2012

Guest post by Gregor Horvat

If the bearish trend will continue then this the current price is an ideal zone for a downtrend continuation.

An impulsive fall from that resistance will indicate that we are on the right track.

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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 His feature articles have been published on,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on 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!