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Elliott Wave Charting: Aud/Usd Looking For A Top

TheLFB Trader Advantage Detail

Elliott Wave Charting: Aud/Usd

A turning point on Aussie is expected to be shown in the near future while 0.9327 holds, if our corrective A)-B)-C) wave count from the 0.8577 lows is correct.

Currently, the pair is trading at the top of a five wave move, shown from the 0.8800, wave B)/2) lows, which suggests at least a corrective move into the short side of the pair in the near-term is due. Once five waves are complete, a correction is expected. A minimum down-trend zone is at the 0.9090 area, followed by a next target at 0.8970.

The RSI indicator looks to be topped with a divergence, which suggests move lower in the near-term. Meanwhile the ATR is trading around the lowest levels since the upward correction has started, so move a higher on the trading range indicator is expected, which will likely happen once Aussie starts to trade on the Short side of the pair.

TheLFB AudTheLFB Charting: Aud/Usd 4h view

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Disclosure: no pos.