AUSTRALIAN DOLLAR / US DOLLAR H4 Time Frame
Major Trend = Downtrend
Minor Trend = Ranging
Nearest Support Area = 0.65680-0.65950
Nearest Resistance Area = 0.67723-0.67970
Overall Bias = Short
Short Term Target = 0.66500-0.66945
Ideal Target = 0.65680-0.65950
Invalidation Level = 0.68400
Notes :
All eyes are on the US Dollar today as the United States are set on publishing its Inflation Rate YoY Data which is expected to be around 5% (same as previous months). One of the interesting USD pair is AUDUSD which has been in a range bound market since the start of March this year. Using Elliott Wave Analysis we can conclude that price seems to be near its B minor wave top and will soon start its C wave correction to the down side.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to correct lower after retesting its major resistance zone, with an ideal target around 0.65680-0.65950. This scenario will still be valid as long as price stays below 0.68400.
The 2nd "Worst Case" Scenario is the red paths where price could end up breaking above its major resistance zone & consolidation area and forming a new uptrend structure with a target around 0.69850-0.70140.
Major Trend = Downtrend
Minor Trend = Ranging
Nearest Support Area = 0.65680-0.65950
Nearest Resistance Area = 0.67723-0.67970
Overall Bias = Short
Short Term Target = 0.66500-0.66945
Ideal Target = 0.65680-0.65950
Invalidation Level = 0.68400
Notes :
All eyes are on the US Dollar today as the United States are set on publishing its Inflation Rate YoY Data which is expected to be around 5% (same as previous months). One of the interesting USD pair is AUDUSD which has been in a range bound market since the start of March this year. Using Elliott Wave Analysis we can conclude that price seems to be near its B minor wave top and will soon start its C wave correction to the down side.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to correct lower after retesting its major resistance zone, with an ideal target around 0.65680-0.65950. This scenario will still be valid as long as price stays below 0.68400.
The 2nd "Worst Case" Scenario is the red paths where price could end up breaking above its major resistance zone & consolidation area and forming a new uptrend structure with a target around 0.69850-0.70140.