Top Trade Idea for June 2nd, 2015 – AUD/USD
By Gregor Horvat on Jun 2, 2015 08:09:47 GMT
AUDUSD Could Break Lower In Days Ahead
A few weeks back AUDUSD has turned bullish for some time, but most likely only temporary as rally from the low was having an overlapping structure. We know that this is a characteristics of a contra-trend price action, so trend remains bearish 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 Daily Elliott Wave Analysis
On the 4h chart we can see that AUDUSD is trying to recover, now moving above the upper trendline of a downward channel so we suspect that five waves down is complete and that price is headed up in three waves. We see a corrective pullback coming in to 0,7800-0.7950 area where traders may consider short, but only if three waves up from latest low will be visible on the 4h chart as illustrated on the chart below.
AUDUSD 4h Elliott Wave Analysis
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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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