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Elliott Waves Forex Trading Idea for AUD/USD

Hello traders and investors. I am Radi Valov, a professional trader and today  I will present you my forex analysis for AUD /USD. In general, in recent weeks the forex market has had more volatility too. Today I want to pay special attention to this currency pair, as according to my forex analysis we are in the initial stage of a new upward cycle.

AUD/USD-Weekly Chart

AUD/USD-Weekly Chart

The Australian and New Zealand dollars are generally perceived as risky assets and have traditionally risen during the rising phases of the stock market. However, in recent weeks the correlation between these two currency pairs and the stock markets has been much weaker and we are likely to see a new trend. 

Since my previous analysis of this forex pair, my expectations are that the correction for wave (B) or (X) has ended as a double zigzag and a new upturn phase is beginning, which in the long run will take AUD / USD to around 0.90.

AUD/USD-Daily Chart

AUD/USD-Daily Chart

A confirmation that we have started a new upward cycle we will have at a break of 0.7560. (peak of wave X)

After the bottom in the area of 0.6960 on a two-day chart, a triple has developed upwards, which I have designated as (a) – (c) – (c). At this stage, wave (c) may not be over yet, but my expectations here are for a slight correction to find support in the area around 0.7280-7330, after which the upward movement to continue with potential targets first 0.7560 and 0.7760.

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Until we see a breakthrough in the 0.7560 alternate scenarios with blue on the graph is still possible. In this scenario, the last Z wave should start from a current level to make a new bottom, but for now, the preferential scenario is red on the chart and we stick to it. If there is a potential development to confirm the bearish option, I will release a quick update.

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