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After strong gains in the past week, AUD/USD is now reversing sharply to the downside, towards first 1.0280 support. Notice that the price broke through the rising trend line in wave C), which means that bullish leg is finished.

It also means that wave (Y) completed a wave D-double zig-zag so more weakness is now expected. A fall from 1.0440 is already unfolding impulsively which is bearish indicator!

 

AUD USD Elliott Wave Analysis July 24 2012
AUD USD Elliott Wave Analysis – Click image to enlargeq

Guest post by Gregor Horvat

AUDUSD trade review:

In the video below you will find a detailed analysis of AUDUSD trades that we took in this past week with members! We will show you reason behind the trade. Explanations may help you to understand some Elliott Wave trade set-ups that may help you to identify your own trading opportunities.

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