Elliott Wave Analysis: AUDUSD Trading In A Corrective Wave 2

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AUDUSD made a nice reversal last month from the 0.7525 level, clearly with an impulsive price move which is important structure for a bearish trend. As such, we think this trend may continue after a three wave bounce up into wave two which in fact can already near completion as 0.7278 is not far away.

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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.