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AUDUSD - ANALYSIS
The AUDUSD (now at 0.9312) started a rebound that should bring it back up to the area 0.9370-0.9374 and maybe the area 0.9454-1.9461
But unless it breaks the resistance at 0.9667 it should resume the major downtrend to 0.8600 and the area 0.8420-0.8300.
TARGETS:
first up to:
likely: the area 0.9370-0.9374
possibly: the area 0.9454-0.9461
then down to:
likely: 0.9086
possibly: 0.8600
maybe: the area 0.8420-0.8300
ELLIOTT WAVES
What we see now in the 4-hour chart is that the "retracement wave 4" - of a very minor degree - is pointing up to the area 0.9370-0.9374 and maybe the area 0.9454-1.9461 (short term trend).
But what is similarly clear in the monthly chart (and in the weekly chart) is that "wave 5" downwards is still missing. Hence, the Aussie is still pointing down to 0.9086 and below (long term trend).
Monthly chart - click to enlarge
Weekly chart - click to enlarge
Wave oscillator on a daily chart - click to enlarge
4-hour chart - click to enlarge
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