AUD/USD Bulls Aim Higher
EWM Interactive | Nov 18, 2015 04:54AM ET
Elliott Wave patterns can be found on all degrees of trend, even on the smallest time frames. The AUD/USD exchange rate seems to be giving us a good example. If we take a look at its 15-minute chart, we could see something very familiar – a 5-3 wave cycle.
As the chart shows, AUD/USD rose in five waves from 0.7015 to 0.7158 and then fell to 0.7072. According to the Elliott Wave Principle, we should now expect another rally, which has the potential to take the rate above 0.7160. Furthermore, the 61.8% Fibonacci level provides a solid support. As long as the invalidation level at 0.7015 holds, AUD/USD should be looked at from the bullish side.
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.