Ending of horizontal triangle. AUD/USD wave analysis

20.10.2014

Analysis for October 20th, 2014



In our previous review, “Continuation of horizontal triangle. Wave analysis of AUD/USD for 14.10.2014”, we discussed a possible scenarios how the price may move to complete a descending impulse [v] of C.



Possibly, the price has already completed forming a possible ascending correction (iv) of [v] of C in the form of a long horizontal pattern. It is indirectly confirmed by MACD oscillator.



Indeed, a possible horizontal triangle(iv) of [v] has been completed with major waves. If zigzagsd of (iv) and e of (iv) don’t take more complicated forms, then later the market is expected to start forming the final descending wave (v) of [v] with the target at 0.85.

However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.

RoboForex Analytical Department

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.