Morgan Stanley technical analysis (from Sheena Shah), a longer-term Elliot Wave look at the AUD/USD
I'm not a user of Elliot Wave myself, but I know its plenty popular out there. Any Elliot Wavers like to weigh in with their interpretation?
The recent break of the
resistance at 0.7533 has
provided AUDUSD with
further downside momentum.
We are bearish over the long
term, targetting 0.64 for 4Q16.
AUD is currently in a 5th wave
part of a larger [3]rd wave.
The
substructure of the 5th wave
is incomplete, suggesting that
there is further medium-term
downside for the currency pair
and rebounds should be used
to sell.
