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30.04.201212:17 Forex Analysis & Reviews: AUD/USD Elliott Wave Count for April 30, 2012

Long-term review

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Technical summary:

We are still waiting for the last decline to a long-term support around 1.4700 from 1.7274 to end and set a stage for a multi-month rally. We ideally will see the 1.4819 upside protection for the expected decline closer to 1.4700 in the short term. That says any break below 1.4763 is going to fulfill all requirements for the decline from 1.5821 as a five-wave decline may be counted and we should be looking for a long-term low.

Trading recommendation:

We will buy EUR at 1.4725 or upon a break above 1.4925 (one order done cancels the other)

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