AUDUSD: Correction Unfolding

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Commodity currencies are in reversal mode, most likely a corrective one that should be made by three waves. For now, we see only one leg down from 0.7593 on Aussie so more weakness is likely to come in wave 4. Ideally a three wave set-back will find support later this week near 0.7390-0.7425 area. If structure will be good, then we could be even considering longs for wave 5.

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AUDUSD, 1H

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.