AUDUSD Aiming for 0.7400/0.7370 Area

Gregor Horvat Wavetraders

AUDUSD made a strong and firm break recently below the 0.7512 bearish level and the lower corrective channel line which is connected from May of 2018 lows. This break is a confirmation that corrective wave 4) ended at the 0.7677 level, and that a new five-wave drop is now in progress. We see it as red wave 5) of one, which can look for support around the 0.7343/0.7370 zone

AUDUSD, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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