According to the 17 July Intraday Elliott wave analysis AUDUSD traders should consider long positions to short the pair shortly. Users discretion strictly applied.
17 July AtoZForex - In the last trading week, the market was dominated by a weak USD. AUDUSD and NZDUSD rallied while USDCAD dropped after the BOC rate statement. Let's look at what could happen today based on Elliott wave analysis.
17 July Intraday Elliott wave analysis AUDUSD, NZDUSD, USDCAD
The rally above shows price about completing a double zigzag pattern upside. There is a high likelihood of a bearish move this week. It is now important to look at the intraday charts to see the smaller moves. The focus here is to know when the rally will end.
Through out the week, our attention will be on the intraday chart. price advancing to complete the last leg of the larger degree bullish zigzag pattern. We will see what price will do in the coming days.
Fundamental Events: No strong fundamental events today on AUD or USD today. Price is expected to maintain the rally unless broken below 1.3.
Trade bias: Strong long bias until 0.7860 (if in a buying position) or step aside.
The Kiwi rally is expected to continue if price breaks above 0.7340. The chart above shows an advancing impulse wave toward 0.75. A break below 0.7296 will mean an alternative impulse wave is complete and price is making a correction toward 0.725 before the rally resumes. If price breaks below 0.719, the bullish run should be seen as over.
Upcoming Fundamental Events today: NZD CPI q/q by 10:45 p.m Gmt
Trade bias: Long orders from 0.7340. Stop loss at 0.7296. Targets: 0.7368, 0.7396 and 0.7457.
The Loonie dropped twice last week. No thanks to the last BOC statement, the digging persisted. This is a typical wave 5 extension. The 5th sub-wave of wave 5 is also extended. The reversal zone is now drawn at 1.2338-1.2486. We can follow price to this zone with the chart below.
The last leg is not well defined yet. It's important to wait. Unless price breaks above 1.2781 and the falling channel, the digging will persist. More updates will come in few hours time.
Upcoming Fundamental Events today: None
Trade bias: wait for the signal
More updates will come in few hours time. Please comment your view below and don't forget to share this article if useful to you.