Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

AUD/USD: Corrective Recovery From 0.9720




Elliott Wave Service (Free 3-day Trial)
          Twitter          Facebook          Subscribe to our newsletter

NEW! Free Trial

Once you will register the system will automatically approve your membership for 3 trading days absolutely FREE!!*
Click here to
REGISTER

On a 4h chart we can see a nice five waves of decline from the most recent highs, established at 1.0175 region. As such, an upward reaction from the 0.9723 region is actually not a surprise as we know that a corrective pull-back always follows when five wave, impulsive move completes.

With this being said, Aud/Usd should reach levels around 0.9950 and parity level, in a three wave A-B-C formation before we may look on the short side of this pair again. We will focus on a 61.8% Fibonacci retracement level where a potential reversal from a wave 2)/B) may offer a nice opportunity for deeper levels, while top around 1.0175 must be hold!

Aud/Usd 4h chart:



Disclosure: no pos