Elliott Wave Forex AUDUSD 19 December 2018
Aud/Usd 30 Minute Chart
Wednesday, 19 December 2018 at 8:34:00PM AEST
AUDUSD is on the rise, but for now can still be this a three wave recovery for wave 2 which may slow down at 0.7200 resistance. A drop below 0.7164 would definitely be confirmation for more weakness ahead. On the other-hand, rise above 0.7240 will suggests that pair is in higher degree wave 2) still!
Aud/Usd 4 Hour Chart
Wednesday, 19 December 2018 at 6:14:00PM AEST
AUDUSD is trading bearish, ideally unfolding a bigger, five-wave cycle down from 0.739 level. We see recent sharp and firm drop as wave 1), which was then followed by a temporary wave 2) correction that seems to have found a top at the 0.725 area. Current intra-day drop can be wave 3) in play, which can unfold a five-wave development that can take price towards the 0.702 region.
On the alternate scenario, wave 1) can still be in play, which can look for a base.
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