AUD/USD targeting 0.661/0.660 in a bearish trend - Elliott wave analysis

Gregor Horvat Wavetraders

Good morning traders,

AUDUSD is showing first signs of a completed triangle in a fourth wave of a wave 3; a sharp turn lower and a break below the lower triangle line, which suggests a completed fourth wave, and a fifth wave of 3 in play. Sub-wave v of 3 can be targeting the 0.661/0.660 zone, where new support and a recovery into a bigger correction may be seen.

AUDUSD, 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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