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Trader, analyst and instructor with a 6-year experience

AUD/USD: Elliot wave analysis

Weekly. The pair keeps forming the wave III of the downside impulse. This wave looks powerful, stretched and rapid – just as it has to be.

Chart. Weekly AUD/USD

Daily. The marking on the daily chart shows that the pair keeps forming the wave [3] of III.

Chart. Daily AUD/USD

H8. We are probably witnessing the formation of the wave (4) of [3] of III. The pair will likely go up in the rising wave and after the wave (4) ends, the decline in the wave (5) will resume. It’s quite dangerous to open longs at such market. 

Chart. H8 AUD/USD
Roman Petuchov for FBS

AUD
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