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AUD/USD: Correction Within Downtrend

Published 05/27/2013, 04:46 AM
Updated 07/09/2023, 06:31 AM
AUD/USD
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ACT
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There is evidence on the AUD/USD of a temporary low in place after five waves down in black wave 3. We know that a correction follows after every five waves, so we think that current sideways price action represents a wave 4 pull-back that should be sub-divided by three legs. As such, we think that the corrective, temporary rally is incomplete and that the pair may test 0.9830/0.9890 resistance area this week before new sell-off occurs.

Traders who want to join the larger trend should wait on completed wave four first and then look for short opportunities.

AUDUSD

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