Trader, analyst and instructor with a 6-year experience

AUD/USD: Elliott waves (Jan. 13)

Weekly. The pair continued to decline in the descending impulse wave (C) of [b]. The most important task for the near future is to identify a trend reversal point and the beginning of construction of a wave [c].

Chart. Weekly AUD/USD

Daily. On the daily chart we see an impulse decline. At the last section the market has formed a flat, which is probably a wave [4].

Chart. Daily AUD/USD

H4. When the wave [4] is complete, the pair will resume decline in the wave [5] as it’s shown at the picture. When the wave [5] is complete, we may see the beginning of a new uptrend.

Chart. H4 AUD/USD

Roman Petuchov for FBS

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