On July 24th, we showed you a forecast of the AUD USD currency pair, saying that “we expect another sell-off in AUD USD soon. The minimum targets are below the bottom of 0.9326, while the count would be invalidated, if prices go above 0.9504”. This statement was based on the chart below.
According to The Elliott Wave Principle, a five-wave decline, followed by a three-wave rise, leads to another five-wave decline. That is why we were bearish on this pair. On the next chart you will see how the situation developed.
As visible, the invalidation level of 0.9504 remained untouched, while the minimum target of 0.9326 has been reached on July 30th. Well done, AUD USD, and well done, Ralph Nelson Elliott.
