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Elliott Wave Forecast For AUDUSD: Bear Market Rally

|Includes:PIMCO Australia Bond Index ETF (AUD)

AUDUSD recovered nicely in this week from 0.9000 psychological level, but rally may not last long as we suspect that current bullish leg is wave C), final leg of a three wave recovery in blue wave (4). It seems that pair has made a flat correction, which means that market can turn sharply bearish very soon. Keep an eye on minor impulse down for evidence of a downtrend continuation. We will be tracking hourly price action on intra-day page very closely.

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Regular flat

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.

(click to enlarge)Click to enlarge

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Visit http://www.ew-forecast.com/service/ for more details.

Stocks: AUD