Good day traders! Today let's check out AUDUSD and its 4h bearish development.
AUDUSD made a sharp and strong drop around 4th of October, which we labeled it as sub-wave 5 of 3). As such, recent rise is seen as wave 4) correction if we consider a broken trendline from black waves two and four. That said, we think that upside can be limited around resistance of a former wave four, at 0.7874 from where we can already see some bearish turn, so ideally pair is going to fall lower into wave 5) this week.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
AUDUSD made a sharp and strong drop around 4th of October, which we labeled it as sub-wave 5 of 3). As such, recent rise is seen as wave 4) correction if we consider a broken trendline from black waves two and four. That said, we think that upside can be limited around resistance of a former wave four, at 0.7874 from where we can already see some bearish turn, so ideally pair is going to fall lower into wave 5) this week.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
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US Single STOCKS (FREE Access), FX, Crypto
👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.