Elliott Wave Analysis: AUDUSD Undergoing A Potential Reversal To The Downside

Gregor Horvat Wavetraders

Aussie is currently making a sharp reversal down from around the 0.7748 level where a possible top for wave C) of E may have been found. This sharp decline is a confirmation that the previous five wave rise within wave C) is completed and that a minimum three wave reversal may now be in the cards. That said, at the moment we see price undergoing an intra-day rally, probably into wave 2) which may see limited upside in the near-term.

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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