AUD/USD: Expect sideways/higher price action for a lengthy period of time – Goldman Sachs
|The Goldman Sachs analysts are out with their Elliot wave analysis on the AUD/USD pair, calling for higher price-action over the long-term.
Key Quotes:
“AUDUSD started a 5-wave decline at the '11 high.
A typical 5th wave will test the bottom of its preceding 3rd; in this case, the low from Jan. '16 at 0.6827. It will often exceed that level continuing on towards a minimum target derived from the length of wave 1; in this case 0.6443.
Once 5-waves are in place, AUDUSD will likely enter an extended period of positive price action; i.e. overlapping/higher for up to a year. That might retrace at least 23.6% back to 0.7765 and up to 38.2% at 0.84.
Watch for signs of a base/reversal against 0.6827. Could extend as far as 0.6443. Eventually expecting sideways/higher price action for a lengthy period of time.”
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