AUDUSD In A Bearish Impulse - Elliott wave analysis

AUDUSD In A Bearish Impulse – Elliott wave analysis

Hello traders,

AUDUSD is unfolding a big impulse down from July of 2019; ideally a wave 5, out of a former triangle in a wave 4. At the moment we can see price rising, which indicates a completed sub-wave 3) of five, and a sub-wave 4) correction underway. Resistance/bearish turn for the correction can be at the Fib. ratio of 38.2/50.0 (0.625/0.63 zone).

AUDUSD, daily

On the 4h chart of AUDUSD we see price recovering into a wave c of a wave 4), which can face resistance at the 0.614/0.630 zone. A later sharp drop, and below the lower corrective channel line will suggest further weakness.

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!

View all posts by Gregor Horvat