4 HR #ElliottWave Count on Aussie Pairs
I want to take a look at all the Aussie pairs in one post here and do some comparison. It is Obvious that the Aussie pairs are in a strong downtrend and until some critical swing highs are broken we need to continue looking lower after some corrections.
Most of the Aussie pairs have at least tested their Sept Swing highs with the exception of the AUDNZD with that pair not even close.
AUDCAD 4 HR Elliott Wave Count
The AUDCAD has tested its September highs of .9150 but could not break above just yet. It may happen on the next corrective move higher but the real test will be the .9250 swing highs.
I do not see anything impulsive from the .8836 lows as of yet so I am excepting another low at some point. Just because we do not have an impulse up yet does not mean we can not continue to correct higher.
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| AUDCAD 4 HR Elliott Wave Count |
AUDCHF 4 HR Elliott Wave Count
The AUDCHF did break the Sept Highs but was about 55 pips from breaking the latest Swing High.
An Alternate count here is the this correction was over at the .6888 high and we are stating an impulse down. I am going with the idea of one more corrective move higher to stay inline with the other Aussie pairs.
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AUDCHF 4 HR Elliott Wave Count
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AUDJPY 4 HR Elliott Wave Count
The AUDJPY did break its Sept swing high and came just a few point shy of breaking its latest swing high. In the process created what looks to be a Leading Diagonal a wave up. The Alt. count I have mentioned in the past is the WXY. Either way we currently have 5 waves up and still need a correction and one more high to complete the corrective move. 5 Waves is an Impulse move, 7 Waves is a corrective move.
Because we have 5 waves up on the AUDJPY I am using that to guide my count on the other Aussie Pairs until we make another high or break below 69.96.
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| AUDJPY 4 HR Elliott Wave Count |
AUDNZD 4 HR Elliott Wave Count
The AUDNZD has been the weakest of the Aussie pairs as it did not even come close to its Sept highs or any other swing highs. I have relabeled this pair with the thought of a wave 4 consolidation going on now as the other correct higher. We will see how this works out.
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| AUDNZD 4 HR Elliott Wave Count |
AUDUSD 4 HR Elliott Wave Count
The AUDUSD has tested and broken above the Sept swing high twice during this corrective move. I think the real test will be the .7083 swing highs that the pair should be testing on the next corrective move higher, I not think they will break but will get tested.
Again, because I am expecting another swing higher in the AUDJPY I am going to continue to look higher on the AUDUSD.
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| AUDUSD 4 HR Elliott Wave Count |
The bottom line is I am expecting another corrective swing higher on all the Aussie pairs based on the 5 wave move up in the AUDJPY. All pairs should hold above there respective swing lows until this happens.
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