Tuesday, November 8, 2016

Elliott Wave Analysis of AUD/USD - A break above 0.7732 will call for 0.8165 before down again

AUD/USD - Weekly 

 AUD/USD - A break above 0.7732 will call for 0.8165 before down again.

A break firm above 0.7732 will make the above count the preferred top-count. This count for now remain the alternate count, but look only at the RSI-indicator, points to a break above 0.7732 for a continuation higher in wave C of [4] to 0.8165 before renewed downside pressure is seen in wave [5] for the final impulsive decline towards the long-term target near 0.6000.

What will ease the current upside pressure? First a break below minor support at 0.7647 and secondly a break below 0.7608 will again call for a new test of the important support at 0.7502. Only below this later support will confirm that wave [4] completed with the test of 0.7835 and wave [5] lower already is developing.

Go with the break either above 0.7732 or below 0.7502 as that will set the direction for the next big move of at least 400 pips.

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