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15 May 2015
AUD/USD rally might face resistance at 0.82 – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to give the technical outlook for AUD/USD.
Key Quotes
“AUDUSD is at new highs after it broke out of a triangle so we see pair now in final leg up, possibly of a complex correction from start of April. We are looking at a double zigzag, because of overlapping price action so we would not be surprise to see limited upside. Ideally, rally will slow down near 0.8200, from where we expect a minimum three wave retracement back into the area of wave B) triangle.”
Key Quotes
“AUDUSD is at new highs after it broke out of a triangle so we see pair now in final leg up, possibly of a complex correction from start of April. We are looking at a double zigzag, because of overlapping price action so we would not be surprise to see limited upside. Ideally, rally will slow down near 0.8200, from where we expect a minimum three wave retracement back into the area of wave B) triangle.”