A powerful turning point is expected for the Aussie, since the pair has moved higher over the last few days and reached the 76.4% Fibonacci retracement level around 0.9150, as discussed recently.

These are levels where a turning point to the short side of the market is expected, considering the near-term completion of an upward corrective structure, shown in our blue wave (2). Before a turning point follows through, traders should be very patient, and wait on a decline on commodities that will help to drag the aussie lower.

TheLFB Charting: AUD/USD 4-Hour View

Forex Tools
Trade Plan of the Day
Currency Glossary
Trading Services

Follow Elliott Wave charts and updates on twitter. If you would like to be a part of TheLFB.com, to receive a full Elliott wave detail for AUD/USD (monthly, weekly, daily and four-hour charts) and if you want to know what comes next and what to expect from the market, then join us now.
The London Forex Broadsheet (known as TheLFB) is a is a global forex trader portal based in the U.S. TheLFB's mission is to educate retail and institutional clients on the links that bridge the trader and investor to the free-flowing global market. It serves the needs and develops the skills of forex trading clients with its 30 years of trading and market experience.

TeamLFB maximizes a forex trader's day with support that instills discipline, confidence and structure, enabling the only daily variable to be market-driven. TheLFB service offerings include a mix of complimentary and subscription-based products that cover trade signals, professional grade currency and commodity analysis, comprehensive charting overviews, as well as daily trade desk video reviews. The trader news feed is a proprietary offering that gauges 24-hour market sentiment, guiding all levels of traders on the nuances of each new trading day.

Sign up for free TheLFB Forex Newsletter.