Image Source: Unsplash
We want to update the Aussie chart from 10 days back when we spotted a completed wedge pattern and temporary resistance.
As you can see, Aussie dropped sharply from the highs after a completed wedge pattern within wave 5, which is in Elliott wave theory, barely first leg A of a three-wave A-B-C corrective decline. Current recovery is slow, choppy and overlapped, so it's ideally a corrective wave B rally before we will see another decline within wave C.
(Click on image to enlarge)
Well, seems like we should be aware of another sell-off ahead of tomorrow's important US CPI report. So, technically speaking we believe that Aussie can drop even back to the former wave 4 at 0.67 - 0.66 support area, where price may stabilize later again.
For a detailed view, you can watch a recording from our today's live webinar below:
More By This Author:
MARA Shows A Completed Correction That Is Positive For Crypto
Ethereum May Face A Correction Soon
EURUSD Is Turning South After The ECB; Pair Now Making An Elliott Wave Correction
Comments
Log in or sign up to join the conversation.