Home AUD/USD Headed Lower While Below 1.0340

AUD/USD Headed Lower While Below 1.0340

After a rise from the 1.0048 area seen at the end of the past week, we came out with an irregular formation in wave B)/2). As such, our bias remains clearly to the downside. In fact, wave B)/2) may have already found a pick around 1.0340 if we consider   impulsive fall on the intra-day basis .

But keep in mind that we are in choppy period of trading, so only price can confirm a downtrend, which means we need 1.0050 breakout when prices should accelerate down to 0.99!

AUD USD Elliott Wave Analysis November 16 2011


Guest post by Gregor Horvat

On the 30min chart we can count minor five waves down from 1.0343 pick. As such, recovery from the most recent swing low should be a corrective wave, primary labeled as wave (ii) on the chart. If that will prove correct, then we know that we need a corrective personality, which means a slow, maybe choppy, but definitely 3-wave, a)-b)-c) bounce that should find resistance ideally between 50.61.8% retracement   area from where we expect a bearish reversal!

Critical/invalidation level at 1.0343; as long this level holds bias are to the downside!

AUD USD Technical Elliott Wave Analysis November 16 2011

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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!