In this technical article we’re going to take a quick look at the Elliott Wave charts of AUDUSD Forex pair , published in members area of the website. As our members know, AUDUSD has recently given us correction against the 0.63618 low. The pair reached our target zone and completed correction right at the Equal Legs zone ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.
AUDUSD H4 London Update 06.05.2024
The pair is correcting cycle from the 0.63618 low low. The pull back looks incomplete at the moment. As far as the price stays below (x) blue peak: 0.6699, our analysis forecasts further downside in AUDUSD toward the 0.6576-0.65002 area ( blue box).
Despite the expected extension lower, we advise against selling AUDUSD. Once the pair reaches this blue box area, we expect it to attract buyers. We can see either rally towards new highs or a corrective bounce in three waves at least. Once the bounce reaches the 50% Fibonacci retracement level against the connector high -(X) blue, we’ll secure our position by moving the stop-loss to breakeven. To safeguard our trade, we’ll closely monitor for any break below the marked invalidation level :0.65002 .
A quick reminder:
Our charts are designed for simplicity and ease of trading:
Red bearish stamp + blue box = Selling Setup
Green bullish stamp + blue box = Buying Setup
Charts with Black stamps are deemed non-tradable. 🚫
AUDUSD H4 London Update 06.13.2024
The pair found buyers within the Blue Box area as expected. We got a nice rally from our buying zone, counting pull back completed at the 0.65697 low. The bounce has exceeded the 50% Fibonacci retracement level against the connector peak. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 0.65697 low, we believe the next leg up can be in progress. For confirmation on the next leg up, we’re looking for a break above the May 16th peak.
