Elliott Wave Forecast For AUDUSD: Corrective Rally Could Be A Short Opportunity

Aug. 05, 2013 3:51 AM ETAUD-OLD
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AUD has been one of the weakest currencies in the last two weeks after pair reversed down from around 0.9300 region which has been expected because of a corrective price action since start of July. We are talking about blue wave (4) that was an expanded flat. If that's the case then pair is now in wave (5) that needs to be made by five sub-waves, so more weakness is in view if we consider that price is now at the end of a red wave 3) that will be looking for a temporary support around 0.8850 (261.8% Fibonacci extension of wave two). In the next few days price could recover, but only in corrective fashion back to 0.9000 which could be a nice are for shorts.

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