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22 May 2015
AUD/USD: weakness ahead – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast believes that AUD/USD could make a corrective pause before continuing much lower.
Key Quotes
“AUDUSD reached new highs last week at 0.8160 where could be the end of a corrective rally from March lows if we consider recent turn down through the lower side of a trading channel, deeply back into wave B). As such, we would not be surprised to see more weakness ahead after a completed wave 2)/B) rally that could look for a resistance at 0.8030/0.8070 zone.”
Key Quotes
“AUDUSD reached new highs last week at 0.8160 where could be the end of a corrective rally from March lows if we consider recent turn down through the lower side of a trading channel, deeply back into wave B). As such, we would not be surprised to see more weakness ahead after a completed wave 2)/B) rally that could look for a resistance at 0.8030/0.8070 zone.”