20 Feb 2015
AUD/USD to rally back to 0.8000 before turning south – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, gives the technical outlook for AUD/USD using Elliott Wave Analysis, expecting the pair to make a move higher towards 0.8000 before resuming lower.
Key Quotes
“AUDUSD found a support last week and rallied back above 0.7800 so latest leg down was a corrective wave B) that belongs to a larger corrective movement.”
“With that said, wave C) is still in view from our technical perspective that is part of a blue wave (4), so we assume that pair will rally back to 0.7990, possibly even to 0.8000 before turning down again.”
“If pair will stay sideways then market can also be forming a triangle pattern placed in fourth wave.”
Key Quotes
“AUDUSD found a support last week and rallied back above 0.7800 so latest leg down was a corrective wave B) that belongs to a larger corrective movement.”
“With that said, wave C) is still in view from our technical perspective that is part of a blue wave (4), so we assume that pair will rally back to 0.7990, possibly even to 0.8000 before turning down again.”
“If pair will stay sideways then market can also be forming a triangle pattern placed in fourth wave.”