AUDUSD Shwoing First Signs of A Bearish Continuation - Elliott wave Analysis

Gregor Horvat Wavetraders

Hello fellow traders,

AUDUSD is dropping like a rock at the start of the US session, suggesting that a higher degree wave 4 correction had ended with an ending diagonal in its final wave c. In such case, we now expect to see a drop in three-waves, where a break below the 0.7099 level would confirm even more weakness for the pair. Also a drop out of an ending diagonal can indicate price to reach the starting point of the pattern, which is in our case at the 0.704 region.

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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