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AUD/USD Bears Looking Strong

With no RBA rate hike on Tuesday, with poor Retail Sales numbers and now also lower stocks and commodities, Aud/Usd does not have a chance for a rise..

Guest post by Gregor Horvat

From an Elliott Wave perspective, Aud/Usd shows more and more powerful signs of a third wave, since price fell below the trading channel. In fact a further weakness towards 161.8% extension level, shown around 1.0640 region should confirm a third wave situation of an impulsive decline. In Elliott wave theory an impulsive decline is structured by five waves and as such, traders should keep an eye on a wave (iv) pull-back very closely to catch a downtrend, while pair trades below highest resistance line and 1.0844 critical region. ..

In fact Australian dollar is not weak just against the USD, its much weaker against the Euro this week, as discussed in our video here

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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!