AUD making a bounce; USD looking choppy

April 6, 2017 09:32 AM
Elliott Wave Analysis: AUD/USD & USD Index

The Aussie made a bounce in the past couple of hours, probably minor Wave iv) that seems to have found some resistance around the 0.7569 level. That said, a current drop can be the start of a new leg down into Wave v, that can ideally reach Fibonacci projection target of 161.8. After wave five finds support a three-wave recovery may be expected.

AUD/USD, 1-hour

USD Index
The USD Index is displaying some choppy and overlapping price movement, probably a triangle consolidation that may be in its final stages. That said, a breach above the sub-wave d) swing will be an indication for higher levels to follow within wave five.

USD Index, 1-hour

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: