Elliott Wave Analysis: AUDUSD Trading At The Start Of A New Bearish Cycle

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Aussie has turned sharply lower in the last few day which has been expected since we identified an ending diagonal in wave C) position. That’s a reversal pattern that put a bearish impulse in progress which may extend weakness even to 0.7400 within first five waves of decline that can be part of a new bearish cycle based on higher time frame patterns.

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AUDUSD, 4H

 

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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.