HomeContributorsTechnical AnalysisAUD/USD Can be Searching for Support

AUD/USD Can be Searching for Support

Aussie with ticker AUDUSD has been bearish since start of the year, with a higher degree A-B-C decline that can be coming into some important support at the 78.6% Fib level. In fact, notice that wave (C) down on 4h chart can still be counted in five waves with a current drop to a new low, with price now testing 38.2% Fib. Deeper support for this final leg down is at 61.8%, near 0.6170. So sooner or later, pair can start bottoming, maybe even with an ending diagonal, but for a change in trend, we will need an impulse back above 0.65 bullish level.

Elliott Wave Financial Service
Elliott Wave Financial Servicehttp://www.ew-forecast.com/
Trading forex, futures or futures options carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.

Featured Analysis

Learn Forex Trading