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AUDUSD in a potential corrective rally

The currency pair AUDUSD has been extending the declines since earlier today after closing bearish yesterday. The continuing downside trend is seen following the release of the negative monthly Australian retail sales report. Data from the Australian Bureau of Statistics showed that retail sales by turnover fell 0.1% on a seasonally adjusted basis in March 2017, marking the second month of declines depsite retail sales turnover rose 2.5% compared to a year ago.
The focus news for AUDUSD traders today is the Australian Annual Budget that will be released by the Turnbull administration for the 2017 - 2018 fiscal year at 4:30 (GMT-7).

Technically, my Elliott Wave count on AUDUSD daily chart shows that the Australian dollar is at the end of wave (v) in wave i of wave 1 (a downside Impulse (IM) wave pattern). Wave (v) may test 0.73200 - 0.73100 support zone in the coming hours. If there’s a big bounce from this support zone, AUDUSD will come into a rally (upside correction in wave ii) in the next coming trading days. In contrast, if there’s a strong break below this support zone, the Australian dollar will continue its downtrend to 0.7153 zone before there’s any rebounce.
Click the image for better view

In general, despite its weakness, AUDUSD may encounter a potential rally in short term. Note that intermediate term bias is still bearish.

By Jack Huyn

Disclosure:
Please be informed that information I provide is for educational purposes only and not intended as investment advice. Information and analysis above are derived from utilising methods believed to be reliable, but I cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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1 comment:

  1. I predict AUDUSD to have a rally and I'm having buy orders on AUDUSD to take profit in the next some trading hours.
    [img]https://3.bp.blogspot.com/-GJaJ83Z3yOk/WRMo0DLTvbI/AAAAAAAAAJg/IczTw8FvxnEaF29kDo27ZJQg7wP-Hn72wCLcB/s1600/105%2Baudusd.png[/img]

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