Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

AUD/USD Looking Lower: Elliott Wave Analysis

Published 06/13/2018, 10:47 AM
Updated 07/09/2023, 06:31 AM

Hello traders, today's article is about AUD/USD and its near-term future.

AUD/USD looks to have recently completed a three-wave corrective recovery at the 0.7677 level, which was followed by a sharp turn as wave 1 that also breached below the corrective channel connected from 0.7512 level. This break below the channel is a suggestion that recent correction is over and that more weakness may follow, ideally below the 0.7512 level and towards the upcoming channel line from May lows. If price stays down, then wave 5) of a higher degree is in progress, however if price bounces back above the 0.7677 level then wave 4) may still be unfolding.
4-Hour AUD/USD

Latest comments

in my opinion audusd going to be bearish till the end of 2018
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.