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AUDUSD Looks Bearish Now For 1.0200 And 1.0100-Elliott Wave Forecast

AUDUSD is under pressure, it fell sharply in the last 12 hours on speculation of possible coming rate cut from the RBA after worse than expected Chinese PMI figures (50.6 vs. 50.8 exp). Pair also extended lower after a sell-off on US stocks futures caused by bad US ADP Non-Farm Employment numbers; 119K vs.154K.

From a technical point of view AUDUSD has a nice pattern here; three waves up to 1.0380 followed by a sharp drop through the lower support line of a corrective channel. That's a very nice clear bearish signal for the pair, so traders can consider shorts while the market is trading below critical level. We are considering new alert for members but it seems we will have to wait on FOMC statement and rate decision first.

For detailed analysis on AUDUSD please review our video analysis below the chart. Video also includes GBPUSD. VIDEO

GBPUSD & AUDUSD Video Click Here

For more analysis visit us at http://www.ew-forecast.com/

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