AUD/USD SELL @ 0.9230 stop @ 0.9500 TGT 0.8850 – 0.8500 –
0.8150 - 0.7700
AUSDUSD
after giving breakdown below 1.0010 which was the support trend line of the
Symmetrical triangle has tested the support level of 0.8850, where this fall
can be considered as wave I of the Elliot wave theory. After testing the
support at 0.8850 we have seen a short pullback in price and tested the level of
0.9755 which was 50% retracement of wave I from point of 1.0580 to 0.8850
testing the level of 0.9755. Sharp reversal is seen from the wave II and it’s
in the continuation of the wave III, this wave III is in formation and is in
inter wave. Currently it’s in inter wave iii where reversal is seen from 0.9460
which has retraced by 61.8% of inter wave i and is in inter wave formation of
wave iii where lower side is expected at 0.8400 to 0.8170. This is calculated
by a-b-c pattern of 61.8% retracement theory where 0.8400 comes to be the 100%
expansion and 0.8170 comes to 121.8% expansion of inter wave i. This level of
0.8170 – 0.8400 will be the completion of wave III in larger wave cycle and
will give a short pullback in form of wave IV but not beyond 0.8800 and
reversal in price might be seen from 0.8500 – 0.8600 range and will enter in
wave V of the downside wave pattern formation.
Taking
the height of the triangle which is from 1.1080 to the bottom of 0.8770,
difference of which is coming to 2310 points and breaking below the support
trend line at 1.0010 expected target as per breakdown is seen at 0.7700 level
in long term.
