Trader, analyst and instructor with a 6-year experience

AUD/USD: Elliott waves (Nov. 25)

Weekly. The pair continues building an upward impulse wave [C].

Chart 1. Weekly AUD/USD

Daily. Aussie may be forming a downward corrective wave II, which is taking form of a zigzag. Downward movement will continue until level shown at the picture. When the wave II is fully formed, the rise in the wave III will start.

Chart 2. Daily AUD/USD

Daily. There’s also an alternative scenario, according to which we are now seeing the construction of the downward impulse wave V. If so, the decline will continue below the minimum which was formed by the wave III. Currently, it is recommended to consider short positions. It’s dangerous to enter longs, since the alternative option looks quite nice and right in terms of the rules of wave analysis.

Chart 3. Daily AUD/USD

Roman Petuchov for FBS

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