Elliott Wave - BUY AUDUSD - Get ready for wave 5
Good morning traders,
Today we are looking at the AUDUSD
There appears to be a clear 1-4 wave structure.
Waves 1 and 3 are made up of a 5 wave structure, wave 2 and 4 are made up of a 3 wave corrective structure.
Bullish divergence on the 4 hour RSI,
The AUDUSD is re-testing a key trend line,
The RBA has previously signalled the economy could be facing a gentle turning point, the housing market and employment data has been positive recently.
Another positive result today, followed by an increase in CPI next week could reduce the chances of a FEB rate cut.
Check the DXY index, the index is also re-testing a key trend line, suggesting we could also see a weaker USD over the next couple of weeks.
Any thoughts or comments are welcome!
Today we are looking at the AUDUSD
There appears to be a clear 1-4 wave structure.
Waves 1 and 3 are made up of a 5 wave structure, wave 2 and 4 are made up of a 3 wave corrective structure.
Bullish divergence on the 4 hour RSI,
The AUDUSD is re-testing a key trend line,
The RBA has previously signalled the economy could be facing a gentle turning point, the housing market and employment data has been positive recently.
Another positive result today, followed by an increase in CPI next week could reduce the chances of a FEB rate cut.
Check the DXY index, the index is also re-testing a key trend line, suggesting we could also see a weaker USD over the next couple of weeks.
Any thoughts or comments are welcome!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.