AUDUSD to stop at 0.78?

Hi Traders,

The AUDUSD needs another little dive just below the 0.78 area before finding some temporary strength to start a trading range between 0.78 and 0.837

TARGETS

first down to

likely: 0.7800
possibly: 0.7693-0.7676

then trading range between 0.78 and 0.837

ELLIOTT WAVES

Weekly and daily charts indicate that the Aussies dollar has almost completed wave 3 (out of 5). This "wave 3" of a major degree is made out of 5 little waves of a minor degree (see 4-hour and 1-hour charts). We still need "minor wave 5" to complete "major wave 3" down.

Then the AUDUSD should be able to bounce back and start the trading range above mentioned. This trading range could eventuate as an "a-b-c-d-e triangle".




monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge