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1 Jun 2015
AUDUSD: Wave 5 to new low awaited - Nomura
FXStreet (Bali) - According to Walter Burke, CMT, and Joshua Rosen, CMT, Technical Analysts at Nomura, a small wave-4 correction is expected in AUD/USD ahead of wave-5 to new low.
Key Quotes
"Last week we highlighted the small bear flag above .7863 and that resolved lower nicely as expected. Because, the rally was 7 waves off the low and therefore a correction, I have it labeled as a double zig-zag. Now, at a minimum, we should see a new low."
"S/t, wave-3 has met symmetry where it is equal to wave-1. Look for a wave-4 correction to consolidate recent losses prior to the next (wave-5) leg lower. Resistance is .7692/.7761."
Key Quotes
"Last week we highlighted the small bear flag above .7863 and that resolved lower nicely as expected. Because, the rally was 7 waves off the low and therefore a correction, I have it labeled as a double zig-zag. Now, at a minimum, we should see a new low."
"S/t, wave-3 has met symmetry where it is equal to wave-1. Look for a wave-4 correction to consolidate recent losses prior to the next (wave-5) leg lower. Resistance is .7692/.7761."