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28 Jan 2015
AUD/USD correction within downtrend – EW Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast uses Elliott Wave Analysis to predict that AUD/USD may move towards 0.7700/0.7850 levels, with the current rally being part of a correction.
Key Quotes
“AUDUSD found some support in the last 48 trading hours, but it may not be for long as rally can be just another corrective movement.”
“We are tracking wave 4 that retraced back to 0.8000/0.8030 resistance area where former lows and 38.2% Fibonacci level can cause a new sell-off.”
“Ideally we will see a fifth wave down into 0.7700/0.7850 area, where pair can be looking for end of an impulsive redwave 5).”
Key Quotes
“AUDUSD found some support in the last 48 trading hours, but it may not be for long as rally can be just another corrective movement.”
“We are tracking wave 4 that retraced back to 0.8000/0.8030 resistance area where former lows and 38.2% Fibonacci level can cause a new sell-off.”
“Ideally we will see a fifth wave down into 0.7700/0.7850 area, where pair can be looking for end of an impulsive redwave 5).”