26 May 2015
AUD/USD making a new bearish turn towards the April lows – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, believes that AUD/USD is breaking lower.
Key Quotes
“AUDUSD has turned up in the past few months, but most likely only temporary as rally from the low is having an overlapping structure. We know that this is a characteristics of a contra-trend price action, so trend remains bearish for now within impulse that is in play since mid-2014.”
“Ideally, market is now breaking lower, down into wave (5) after recent push beneath the channel line. That said, an impulsive decline could unfold towards April lows.”
Key Quotes
“AUDUSD has turned up in the past few months, but most likely only temporary as rally from the low is having an overlapping structure. We know that this is a characteristics of a contra-trend price action, so trend remains bearish for now within impulse that is in play since mid-2014.”
“Ideally, market is now breaking lower, down into wave (5) after recent push beneath the channel line. That said, an impulsive decline could unfold towards April lows.”