Elliott Wave Forex AUDUSD 1 + 4 hr 14 Feb 2019
Aud/Usd 1 Hour Chart
Thursday, 14 February 2019 at 10:48:00PM EST
AUDUSD has been trading clearly bearish since the end of January, indicating that a bearish impulse can be in play, with its five legs. As we look closely, we can see current three legged recovery from the lows (0.705 level) as a possible wave iv, which can look for resistance and a bearish continuation near the 0.713 level of a former swing high, or at the 0.716 area, where Fibonacci ratio of 50.0 and the upper channel line sit. In case we get a sharp drop towards, and below the 0.707 level, then this would favor more weakness, however, in case we see a sharp rally above the 0.719 level, then this would confirm a low in place, and a bullish continuation.
Aud/Usd 4 Hour Chart
Thursday, 14 February 2019 at 3:30:00PM EST
AUDUSD is recovering since the beginning of the year, giving us an idea that a five-wave decline had found a low at the 0.667 level, and that now a three-wave recovery is in play. This recovery has already unfolded wave A), and is now unraveling corrective wave B), which can show up as a flat correction, and can look for support and a bounce near the 0.707 level (level of a former swing low), or deeper around the 0.690 level. That said, a later break above the 0.729 level would confirm a bullish continuation.
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