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Aud/Usd is trading nicely higher, already since start of December 2010 when pair bounced from the 0.9828 support where a corrective wave 2) has finished. With this being said, on a 4h chart pair should now be trading in a red wave 3), sub-wave of a blue wave (5) from a daily chart, which will likely reach even higher levels, while the market trades above 0.9966 zone and support channel line. Any small consolidation phase will be just a corrective black wave 4, before Australian dollar moves even higher.

This article is an update from article posted on December 5th 2010 about more  AUD/USD upside

Long trading opportunities should still appear on Aud/Usd pair, especially if gold and US stocks will continue to the upside, which are the main drivers of this pair.

4h chart:

aussie 4h elliot wave

Guest post by Gregor Horvat.

Daily chart below shows a potential targets around 1.0600 region.

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aussie daily chart elliot wave