Currency Analyst since 2010

AUD/USD: Elliot wave analysis

Weekly. The pair keeps forming the wave III of the downside impulse.

Chart. Weekly AUD/USD

Daily. The pair has finished the wave [3], so now we are witnessing the formation of the corrective wave [4]. The fourth wave may take form of a long horizontal correction.

Chart. Daily AUD/USD

H8. Usually the fourth waves of an impulse are hard for trading as they are full of deceptive strong moves and can take an unpredictable shape. As a result, we recommend standing aside until the wave [4] is complete.

Chart. H8 AUD/USD

Roman Petuchov for FBS

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