Top Trade Idea For June 16th, 2015 – AUD/USD
By Gregor Horvat on Jun 16, 2015 02:21:21 GMT
AUDUSD remains bearish in larger time frame despite some recovery back in April which was a temporary move with an overlapping structure, which is called corrective in Elliott Wave Theory. We know that this is a characteristic of a contra-trend price action, so trend remains down for now within impulse that is in play since mid-2014.We see market moving sharply lower now after broken upward channel, so wave (5) is in play for a move down to 0.7100-0.7300 area.
AUDUSD Elliott Wave Analysis-Daily Chart
On the 4h chart pair fell sharply at first then price broke above the trendline two weeks back so we see completed five waves down labeled as wave 1, so current upward reaction should be corrective. Corrective patterns are structured by three legs so ideally we have seen end of wave B last week, thus higher prices can be here for wave C that can cause a recovery to 0.7850-0.79000 to complete wave 2) rally.
AUDUSD Elliott Wave Analysis – 4h Chart
- Short AUDUSD At 0.7830-0.7850
- Protective Stop At 0.7970
- Move stops to breakeven when risk:reward comes 1:1
- Target is 0.7400
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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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