Monday, January 16, 2017

Elliott Wave Analysis of AUD/USD - Directly lower or is a larger triangle unfolding?




AUD/USD - Directly lower or is a larger triangle unfolding?  

As long as important resistance at 0.7525 holds firm, we could still a direct break below minor support at 0.7425 indicating a direct decline to 0.6667 and longer term closer to the 0.6000 - 0.6100 area. 

If, however resistance at 0.7525 is taken out, then a larger triangle is expected. This count calls for more upside closer to 0.7625 before the triangle consolidation is complete and a impulsive decline lower towards 0.6667 and lower should be expected. 

No matter, which of the two scenarios that proves to be correct, the final outcome, will be a break lower. 

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