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Chart of the Day: Aud/Usd Impulse Bearish Structure

TheLFB A Forex Trader Portal

Chart of the Day:


Aud/Usd is still trading slowly lower towards the 0.8880 target zone; in the area where a Long turning point is expected. A black sub-wave V) is in progress now, and should complete a whole impulse decline from the 0.9326 top shown as a red wave I in our case.

Elliott wave traders will know that always when a five wave move is finished, a corrective reversal is expected. As such, we will look for a Long, red wave II reversal pattern once the near-term support is hit.

TheLFB Charting: Aud/Usd 4h view 

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Disclosure: No positions