Big Picture Aussie Looking for Temporary resistance - Elliott wave analysis

Big Picture Aussie Looking for Temporary resistance – Elliott wave analysis

Hello traders,

We labelled a completed higher degree impulse at 0.551 lows, from where a five-wave recovery started taking place, labeled as wave A/1. This five-wave rise is a sign of where the trend is going: to the upside. However, after every five waves, a temporary consolidation may follow, in our case an A)-B)-C) move for a higher degree wave B/2, which can reach support at 0.637/0.625 region. That said, now wave A/1 can look for resistance at the 0.701 level.

AUDUSD, daily

On the 4h chart of Aussie, we can see a five-wave rise within the fifth wave of A/1, which can be ending its wave 3, so be aware of temporary pullbacks, before higher high may be seen. We have in mind wave 4, with support at 0.685 level, and at the lower base channel line, at 0.681 level.

AUDUSD, 4h

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!

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