Top Trade Idea For January 27th, 2015 – AUD/USD
By Gregor Horvat on Jan 27, 2015 03:24:24 GMT
On Aussie we have seen another leg down last week, beneath 0.8000. Based on the latest decline and extended structure from the past few months, we suspect that market will not bottom so soon. We are looking at an updated count now that shows we are in wave five of (3) so price will be expected to drop even lower after any corrective bounce. We are talking about blue wave (4) that can occur in February, but upside should then be limited around 0.8300, at former wave four.
However, on the 4h chart we see room for even lower levels as wave 5) of decline is not in five waves yet. In fact, price slowed down in the last few session that we see it as wave 4 that is part of wave 5). Ideally we will see a drop close to 0.7770 area by the end of the week.
Trade plan can be as follows:
Entry #1: ½ At market
Entry #2: Sell limit 0.7990 (50%)
Stop Loss: 0.8070
Target : 0.7770
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About Gregor Horvat
Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/
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