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Is AUD USD Forming A Major Bottom? – EWM

FXStreet (Barcelona) - Aleksandar Vichev , chief technical analyst at EWM Interactive sees the AUD/USD price contained within a channel and suggests that the decline could be close to completion.

Key Quotes

“AUD USD made its last top at 1.1080 in the end of July 2011. These figures have remained untouched for more than three years, since the rate has declined by more than 25 cents to as low as 0.8540. However, no trend lasts forever, so we might want to examine the wave structure of AUD USD, in order to see whether we should expect more significant sell-offs.”

“The price action on the weekly chart of AUD USD is definitely not impulsive. Instead, it appears to be taking the form of a double zig-zag correction, labeled W-X-Y, where wave X is a triangle. Triangles precede the final movement of the larger sequence, which in our case is wave Y”

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