Sunday, April 30, 2017

#AUDUSD 4 HR Elliott Wave Update

#AUDUSD 4 HR Elliott Wave Update

Trade Thoughts:  Still looking lower against .7584.

Targets:  Wave III target will be just below the .7300 level and possibly .7200.  Longer term target are closer to .6000.




The AUDUSD continues to fall and make lower lows and lower highs but is not picking up speed.  For the series if nested 1-2's to stay intact price must stay below .7584.  Above .7584 and the count is invalid. 

Note the formation of a falling wedge shown by the grey dotted lines.  If this formation complete then we could have a leading diagonal 1 or A and a bounce toward .7700 is possible for wave 2 or B.

     
AUDUSD 4 HR Elliott Wave Count.

AUDUSD 4 HR Elliott Wave Count.
AUDUSD 4 HR Elliott Wave Count.