AUD/USD looking at 0.660, and below - Elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

AUDUSD is in a downtrend for the last 10 months, but not in an impulsive one so we think this can be wave B) of an irregular correction. We are specifically tracking sub-wave c down towards the 0.656 area, after a completed sub-wave b at the 0.693 level.

AUD/USD, daily

On the lower degree time frame chart of AUDUSD we have a closer look at the structure down from 0.693 swing high, where a corrective wave b was finished as a flat pattern. Ideally, a new, five-wave movement into wave c is now in play with price unfolding first leg i) with its five sub-waves. On leg i) fully shows up, that is when a temporary a-b-c correction may follow within the downtrend.

AUD/USD, 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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