AUD/USD - DAILY VIEW - 3/13/17
Identify
- Current bearish PA has reacted at support at the psychological 0.75000 level
- Bearish price action is signaling a change in trend that coincides with WAVE E in the Elliot Wave pattern depicted in this chart.
- RSI is not oversold yet; so bearish trend is still valid
Predict
- Waiting for a much larger and faster WAVE 2
- This wave will most likely be initiated by the FOMC RATE DECISION
- Which current market sentiment favors the US DOLLAR
Critical Levels
Upside
- 0.76300
- 0.75000
Downside
- 0.74500
- 0.73500
- Current bearish PA has reacted at support at the psychological 0.75000 level
- Bearish price action is signaling a change in trend that coincides with WAVE E in the Elliot Wave pattern depicted in this chart.
- RSI is not oversold yet; so bearish trend is still valid
Predict
- Waiting for a much larger and faster WAVE 2
- This wave will most likely be initiated by the FOMC RATE DECISION
- Which current market sentiment favors the US DOLLAR
Critical Levels
Upside
- 0.76300
- 0.75000
Downside
- 0.74500
- 0.73500
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