AUDUSD Elliott Wave Analysis: Resistance Around 0.9080 - 0.9170

By: Gregor Horvat | Mon, Feb 17, 2014
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AUDUSD has found a support in the past two weeks and rallied more than 300 pips from 0.8650 which can be wave C as part of a flat correction in wave B). The reason is a three wave decline from above 0.9080 that we think it's corrective wave B as a part of a bigger complex correction. If we are on the right track then pair will rise up to 0.9080 - 0.9170 resistance zone in the next few trading days where a completion of a contra-trend pattern may occur.

AUDUSD Daily Elliott Wave Analysis

AUDUSD Daily Elliott Wave Analysis Chart


AUDUSD Four Hour

AUDUSD is testing last week highs, so it seems that pair is still moving up in wave (v) of C, final leg of the pattern that is expected to form a top for AUDUSD in this week. We are tracking a flat correction labeled since mid-December that is a contra trend movement, thus it suggests more weakness for AUDUSD in weeks ahead. Ideally price will turn impulsively back to 0.8900 that will put pair in bearish mode.

AUDUSD 4h Elliott Wave Analysis

AUDUSD 4-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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