Elliott Waves: Aussie moving towards 0.6600 support

Gregor Horvat Wavetraders

Aussie moved a bit higher on the release of inflation expectations (4.4) but stalled around the 0.6686 area, which remains key resistance for a potential further sell-off before a bottom may form around 0.6600. Keep in mind that the entire drop from the August highs is overlapping, indicating it's likely corrective. I do believe bulls will return sooner or later, but I'm not convinced the bottom is in just yet. If we see a breakout above the corrective channel, that could change things quickly.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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