Hi Traders,
The AUDUSD (now at 0.7063) might stage a small rally to the 0.72 area but only to resume the downtrend that should take it to the area 0.6680-0.6633.
Whatever low the AUDUSD is going to hit (see TARGETS below), this should mark the bottom of the downtrend started on July 27, 2011 at 1.1080. Hence. of a new major uptrend should start right afterwards.
TARGETS
first the 0.71 area
then
likely: 0.6765-0.6680
possibly: 0.6680-0.6633
maybe: 0.6406-0.6284
ELLIOTT WAVES
The daily and the 4-hour chart show that the Aussie just started wave 5 downwards which should mark the end of the major downtrend.
The 1-hour chart reveals that this very short term rally could stop below 0.7097.
See the targets in the monthly chart.
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
The AUDUSD (now at 0.7063) might stage a small rally to the 0.72 area but only to resume the downtrend that should take it to the area 0.6680-0.6633.
Whatever low the AUDUSD is going to hit (see TARGETS below), this should mark the bottom of the downtrend started on July 27, 2011 at 1.1080. Hence. of a new major uptrend should start right afterwards.
TARGETS
first the 0.71 area
then
likely: 0.6765-0.6680
possibly: 0.6680-0.6633
maybe: 0.6406-0.6284
ELLIOTT WAVES
The daily and the 4-hour chart show that the Aussie just started wave 5 downwards which should mark the end of the major downtrend.
The 1-hour chart reveals that this very short term rally could stop below 0.7097.
See the targets in the monthly chart.
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
