Elliott Wave AUDUSD 1 Hour Chart
Tuesday, 7 February 2012 at 3:05:00AM AEST
Aussie reversed impulsively down to 1.0680 today and so far, bounced only in three waves, which appears to be wave (b); part of a corrective downside price action. We expect weakness within wave (c) in coming sessions, but test of 1.0760 gap area still possible before going lower.
As you know, we are not contra-trend traders, so we will avoid this one for now, even if looks bearish with head and shoulders pattern as well.
4 Hour Chart
Tuesday, 7 February 2012 at 5:35:00PM AEST
-sideways in 4)
Aussie is at the highs again, now approaching that channel resistance line , where a decisive break will cause an extension for Elliott Wave 3). But so far, we will stick with the wave count presented yesterday, which suggests that pair is trading in wave 4), which could form an irregular correction if we consider that price now trades at the highs.
