AUD/USD approaching resistance - Elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

AUDUSD can be trading in a wave c that is part of a three-wave a-b-c move of wave Y of a complex structure. We see a five-wave rally within wave c coming to an end, so be aware of resistance, first one at 0.623, and the second one at 0.631, in case wave c extends. That said, a sharp drop below the 0.611 level, and the lower corrective channel line would be bearish for the pair.

AUDUSD 1h

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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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