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AUD/USD Showing Signs Of A top at 1.0440 – Elliott

After strong gains in the past week, AUD/USD is now reversing sharply to the downside, towards first 1.0280 support. Notice that the price broke through the rising trend line in wave C), which means that bullish leg is finished.

It also means that wave (Y) completed a wave D-double zig-zag so more weakness is now expected. A fall from 1.0440 is already unfolding impulsively which is bearish indicator!


AUD USD Elliott Wave Analysis July 24 2012
AUD USD Elliott Wave Analysis – Click image to enlargeq

Guest post by Gregor Horvat

AUDUSD trade review:

In the video below you will find a detailed analysis of AUDUSD trades that we took in this past week with members! We will show you reason behind the trade. Explanations may help you to understand some Elliott Wave trade set-ups that may help you to identify your own trading opportunities.

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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!