AUDUSD, double top

Hi Traders,

A double top (see daily chart) started a new downtrend of the AUDUSD (now at 0.9068) that should take it to 0.8850 as a minimum and possibly to the area 0.8578-0.8510.

TARGETS

likely: area 0.8847-0.8874
possibly: area 0.8578-0.8510
maybe: area 0.8073-0.8003

ELLIOTT WAVES

The starting point of this new downtrend is point 4 (bottom right) in our daily chart. This also shows that this is the last leg down (wave 5) of a minor grade (4-hour chart).

ENTRY POINT

Wait for the pair to get back up to the area 0.9081-0.9099 before entering the trade downwards. If you are not in already, check the wave oscillator in the 1-hour chart before taking your position.




monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge