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AUDUSD Turns Back In Bullish Mode As Price Exceeds

AUDUSD moved through 1.0500 swings which means that a wave II pull-back is complete and that a larger uptrend is back in progress again.

The rise from 1.0346 cannot be counted impulsively so we believe that AUDUSD will move much higher in the next few days, maybe even weeks if we consider a possible wave III rise even up to 1.0740 Fibonacci extension level.

AUD USD Elliott Wave Analysis April 10 2013 Moving up

 

However, we always tend to focus on minimum expectations so we expect to see 1.0600 as a first target (1.618 x wave II). But before that level is seen, the pair could proceed in a corrective retracement in blue wave (2) back to 1.0450/60 support zone.

But the pair however, remains in bullish mode as long as 1.0346 holds.

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!