AUD/USD Elliott Wave analysis: Support near 0.7290 area

Gregor Horvat Wavetraders

Aussie, AUDUSD has turned higher at the end of August, with a sharp and strong retracement back above former wave four, so it appears that we have a bottom in place.

However, nothing moves in straight line so current retracement is normal, probably just temporary for a wave 2/B which can look for a support near 0.7290; even potential area for a right shoulder of HS path.

AUD/USD 4h Elliott Wave analysis chart

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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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