News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇷🇺 CBR Press Conference due at 12:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-23
  • Heads Up:🇩🇪 Bundesbank Mauderer Speech due at 12:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-23
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/yXomAftdv8 https://t.co/9N3XRViUin
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.61%, while traders in EUR/USD are at opposite extremes with 69.17%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4I6evWndsv
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/afeXKfZT4K
  • 🇷🇺 Interest Rate Decision Actual: 4.25% Expected: 4.25% Previous: 4.25% https://www.dailyfx.com/economic-calendar#2020-10-23
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.43% Gold: 0.29% Silver: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/joUZve1zxA
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.44% 🇳🇿NZD: 0.36% 🇨🇭CHF: 0.32% 🇯🇵JPY: 0.20% 🇨🇦CAD: 0.17% 🇬🇧GBP: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/jitwr50kLY
  • Heads Up:🇷🇺 Interest Rate Decision due at 10:30 GMT (15min) Expected: 4.25% Previous: 4.25% https://www.dailyfx.com/economic-calendar#2020-10-23
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.38% France 40: 1.05% Germany 30: 0.78% Wall Street: 0.26% US 500: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/T1eJUg4Xb4
AUD/USD Technical Forecast: Sideways to Higher Trading

AUD/USD Technical Forecast: Sideways to Higher Trading

2017-10-16 20:42:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

The structure of the technical pattern for AUD/USD suggests the move towards higher levels is incomplete and may eventually reach .82 and possible .84.

Are you new to FX trading? This ebook was created just for you.

The model we are following suggests the upward correction that began in September 2015 remains incomplete. According to Elliott Wave Theory, we are counting this pattern as a complex upward correction subdivided as w-x-y and built with Expanded Flat-Triangle-Zigzag.

We appear to be finished or nearly so with the expanded flat pattern, which is the (b) wave of the zigzag. We cannot confirm if the flat pattern is complete just yet. Regardless, this places the market in the last half of the ‘y’ wave, a zigzag.

AUD/USD Elliott Wave Forecast Oct 16, 2017

AUD/USD Technical Forecast: Sideways to Higher Trading

As a trader, I am interested in the .7940 level. Multiple Elliott Wave models imply a move above this green line opens the door to higher levels at .8050. Between the price levels of .8050 to .8100, the models begin to diverge again.

If AUD/USD does move to new highs, the higher probability pattern shifts towards being in the (c) wave or terminal wave of the upward move. This would be an ending wave that has some wave relationships near 82 cents and 84 cents.

IG Client Sentiment is running at near parity at -1.02. Therefore, sentiment is not extreme at this point. Keep an eye to see if a shift in sentiment ensues and lines up with the Elliott Wave forecast. See how live traders are positioned in AUDUSD here.

Three DailyFX analysts selected the Australian Dollar as their top trade for 2017. Read pages 13, 18, 20 of DailyFX’s Top Trades of 2017.

---Written by Jeremy Wagner, CEWA-M

Jeremy is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources.

Jeremy’s favorite Elliott Wave Resources:

Elliott Wave Patterns: What is a Zigzag?

3 Elliott Wave Flat Patterns to Know and Understand

Learn more about the Elliott Wave patterns by receiving our beginner and advanced Elliott Wave guides.

Also, view these one-hour webinar recordings on the specific patterns:

Elliott Wave Impulse Patterns

Elliott Wave Zigzag Patterns

Elliott Wave Flat Patterns

Elliott Wave Triangle Patterns

Elliott Wave Diagonal Patterns

Starting Your Elliott Wave Counting

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

Recent Elliott Wave article by Jeremy:

EURUSD Attracted to 1.20

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES