AUD/USD still ending A correction - Elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

AUDUSD started recovering from the lows, however only for a temporary pullback that is part of a bigger trend. We are observing an a-b-c move for a wave 4), with resistance at the 0.62/0.622 area. A drop in impulsive fashion, and below the Elliott Wave ending diagonal line would suggest a completed correction, and wave 5) underway. Also keep in mind that an Elliott wave ending diagonal tends to push price into a sharp reversal.

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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