AUD/USD: Trend-line Test; Recovery Underway

AUD/USD: Trend-line Test; Recovery Underway

The Aussie moved lower in the past week as expected, and hit a projected Fibo ratio; 2.00 x wave (1) before reversed to the upside.  AUD USD Elliott Wave Analysis June 6 2012

AUD USD Elliott Wave Analysis – Click image to enlarge

Notice that current recovery is now already testing falling EW channel resistance line, where a breakout will definitely put wave (4) into action.

We will be tracking a three wave rise from the most recent lows, before we may continue to look to the downisde.

See the previous update on AUD/USD.

This is Advanced Market Forecasting and Technical Analysis by Gregor Horvat – a guest post for Forex Crunch.

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The Australian central bank cut the benchmark interest rate by 0.25% to 3.50% as expected. The economy is hanging solely on the booming mining industry at the moment (which is also hurt by weaker Chinese demand) and inflation is low. Also the rising worries about Spain boost the greenback and also weigh on AUD/USD.

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!