Trader, analyst and instructor with a 6-year experience

AUD/USD: Elliott waves (Dec. 2)

Weekly. There are 2 scenarios shown on the weekly chart. According to the first one, in the near term an impulse advance will start. According to the second one, AUD/USD will continue falling ant hit new lows this week.

Chart 1. Weekly AUD/USD

Daily. According to this scenario, in the near future we can expect a trend reversal as the wave II is almost complete. We assume that it took form of a Zigzag. This scenario will be negated if the price doesn’t reverse and slide to new low.

Chart 2. Daily AUD/USD

Daily. According to this scenario, we’ll see a rapid and confident decline in the price.

Chart 3. Daily AUD/USD

Roman Petuchov for FBS

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