Elliott Wave Forex AUDUSD 13 December 2018
AUDUSD 1 Hour Chart
Wednesday, 12 December 2018 at 7:44:00PM AEST
We are tracking a potential trading setup on Aussie, which is on our watchlist! So, after that sharp and impulsive decline by five waves, we are observing a three-wave A-B-C corrective rally that can stop at that base channel support line which may act as a resistance around 50% - 61,8% Fibo. retracement. That said, we want to see a retest of 0.73 area and then we can expect a bearish continuation back towards new lows! If Aussie from any reason turns back above 0.74 invalidation area, then we may adjust the view!
AUDUSD 4 Hour Chart
Wednesday, 12 December 2018 at 6:53:00PM AEST
AUDUSD is trading bearish, ideally unfolding a bigger, five-wave cycle down from 0.739 level. We see current sharp and firm drop as wave 1), which can be completed, in which case a temporary pullback as wave 2) may follow. This wave 2) correction can unfold a three-wave pullback, which can later look for resistance and a a bearish reversal near the 0.7300 region (region of a lower channel line).
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