AUDUSD Trading Bearish- Elliott wave Analysis
Hello traders, what's up?
Today let's take a quick look at AUDUSD, and what kind of future does the pair have.
On daily chart of AUDUSD we can see that price can be trading in a bearish trend overall, especially since price made a major break below the lower channel line, connected from 2016 lows. This channel line then also become a nice resistance area, from where pair may now even extend its weakness.
On the lower time frame chart, we see price completing a three-wave correction which we labelled as wave (4) at the 0.7676 level, which points towards lower levels, especially as this three-wave wave (4) recovery was a correction. We know that after every correction fully unfolds, a new five-wave impulsive sequence may follow, and in our case this is to the downside.
Hopefully we will even see price breaking below the 0.7513 level which would confirm more weakness.
Today let's take a quick look at AUDUSD, and what kind of future does the pair have.
On daily chart of AUDUSD we can see that price can be trading in a bearish trend overall, especially since price made a major break below the lower channel line, connected from 2016 lows. This channel line then also become a nice resistance area, from where pair may now even extend its weakness.
On the lower time frame chart, we see price completing a three-wave correction which we labelled as wave (4) at the 0.7676 level, which points towards lower levels, especially as this three-wave wave (4) recovery was a correction. We know that after every correction fully unfolds, a new five-wave impulsive sequence may follow, and in our case this is to the downside.
Hopefully we will even see price breaking below the 0.7513 level which would confirm more weakness.
Comment:
As expected, Aussie breaks below channel support line and 0.7513 level, so we can expect even more weakness towards 2018 lows.
Comment:
Bears are just getting OFF on AUDUSD.. We see price reaching for the 0.7300/0.7250 area.
