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AUDUSD Swings Sequences Calling The Decline

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AUDUSD Swings Sequences Calling The Decline

Hello fellow traders. In this technical blog were going to take a quick look at the past Elliott Wave charts of AUDUSD published in members area In further text were going to explain the short term Elliott Wave view.

AUDUSD Elliott Wave 1 Hour Chart 11.02.2017

As our members know, AUDUSD has had incomplete bearish sequences in cycle from the 09/08 peak. Cycle from the mentioned peak has been unfolding as ((A))((B))((C)) Zig Zag structure. Wave ((B)) has ended at 0.78997 peak and decline from that peak should have 5 waves as well. As of right not were doing wave (4) recovery which is expected to make another leg up toward blue box. As cycle from the 09/08 peak is incomplete, we expect more short term weakness after proposed wave (4) completes. Consequently, we advised members to avoid buying the pair and keep selling the rallies in 3,7,11 swings. At this stage price is bearish against the 0.78997 pivot and potential sell zone comes at 0.7712-0.7731, when invalidation is break above 0.7761.

AUDUSD elliottwave blog

Shortly after AUDUSD made proposed leg up toward blue box. It found sellers , and complete wave (4) recovery at 0.77330 high. The pair has made the new low on 13th November , continuing trading lower toward our target area.

AUDUSD Elliott Wave 1 Hour Chart 11.14.2017

Distribution system during the proposed wave (4) bounce suggest bounce was not a wave ( 4) any more as it ended cycle from 13th October 2017 peak, therefore we have adjusted Elliott Wave structure to a double three ((W))-((X))-((Y)) from 09/08 peak and labelled the bounce to 0.7729 as wave (X) rather than wave (4) but there is no change in overall view, pair has already made new lows and we are still expecting more downside. Short term the pair remains bearish against the 0.76954 peak. Were expecting sellers to appear again at 0.7461-0.7660 short term tech area.

AUDUSD elliottwave blog 2

Keep in mind market is very dynamic.If youre interested in new Elliott Wave forecasts of AUDUSD you can find them in the membership areaof EWF.

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ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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