Elliott Wave Analysis: AUDUSD Trading In A Bearish Impulse

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Aussie has turned sharply lower last week 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, wave 1 that found a base at the previous swing of wave B) at 0.7550 level. As such recent reversal from the mentioned level was wave 2, that finished its rally at the 0.7632 level. Now, current fall is wave 3 which may target the 261.8 Fibonacci ratio in the next couple of days, or even the 161.8 Fibonacci ratio.

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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.