AUDUSD Elliott Wave Forecasts a Bounce Towards 76 to 78 Cents

AUDUSD Elliott Wave Talking Points

  • AUDUSD appears to be finishing a bearish impulse wave
  • Anticipate a corrective wave to form on the AUDUSD chart pushing it back towards 76 cents
  • Continued near term weakness is not out of the question to slightly lower levels in order to finish the bearish impulse sequence

The AUDUSD price chart has lived up to its expectations in 2018 thus far. Using Elliott Wave Theory, we forecasted in December 2017 a smooth start then a rough finish in 2018 for AUDUSD. We were targeting a potential reversal to occur near 82 cents that would lead to a multi-month sell off. AUDUSD did top out at .8136 on January 26.

what Elliott wave are we in now?

The complex correction that began September 2015 has ended at the January 2018 high. This complex correction is labeled w-x-y (Expanded FlatTriangleZigzag).

Beginning January 2018, we can count an impulsive wave leading down towards recent lows, though the structure of it is not pretty. This impulsive wave is mature as we are near its end, if this bearish wave

Article source: https://www.dailyfx.com/forex/technical/elliott_wave/aud-usd/2018/08/02/rally-forecast.html