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.

Chart. Weekly AUD/USD

Daily. The downside impulse wave [3] is complete. We are now witnessing the wave [4] which may take form of a long horizontal correction as it’s shown at the picture.

Chart. Daily AUD/USD

H8. We are probably witnessing the first Zigzag of the wave [4]. If this assumption is correct, this week we’ll see an impulse growth in the small wave C.

Chart. H8 AUD/USD

Roman Petuchov for FBS

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