11 Feb 2015
AUD/USD might see an upward correction – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to predict that AUD/USD could make a move higher before resuming a move lower.
Key Quotes
“We are wondering if maybe commodity currencies have turned into a larger correction against the USD.”
“On AUDUSD per example we see five waves down within an extended wave (3) that found some support last week neat 0.7600. For now bounce is not that strong at all, but another leg up to around 0.8000 will definitely put wave (4) in play with possible coming swings back to 0.8300 resistance.”
“Aussie is clearly in bearish mode, but we want a pullback before we may look further down.”
Key Quotes
“We are wondering if maybe commodity currencies have turned into a larger correction against the USD.”
“On AUDUSD per example we see five waves down within an extended wave (3) that found some support last week neat 0.7600. For now bounce is not that strong at all, but another leg up to around 0.8000 will definitely put wave (4) in play with possible coming swings back to 0.8300 resistance.”
“Aussie is clearly in bearish mode, but we want a pullback before we may look further down.”