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8 Jan 2015
AUD/USD could bottom out soon – EWForecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, believes that AUD/USD could bottom out soon with technicals suggesting that the pair is in final stages of current bearish leg.
Key Quotes
“AUDUSD broke down from a fourth wave which means that pair is in wave 5) of five, final leg in a bearish impulse, so sooner or later pair could bottom.”
“We are looking at a potential bounce from around 0.7950-0.8000 area where we see some Fibonacci support levels, exactly at psychological area.”
“At the same time we see a divergence on the RSI, which also suggests that pair is in final stages in current bearish leg.”
Key Quotes
“AUDUSD broke down from a fourth wave which means that pair is in wave 5) of five, final leg in a bearish impulse, so sooner or later pair could bottom.”
“We are looking at a potential bounce from around 0.7950-0.8000 area where we see some Fibonacci support levels, exactly at psychological area.”
“At the same time we see a divergence on the RSI, which also suggests that pair is in final stages in current bearish leg.”