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FX.co ★ Elliott wave analysis of AUD/JPY for March 19, 2021

Elliott wave analysis of AUD/JPY for March 19, 2021

Elliott wave analysis of AUD/JPY for March 19, 2021

The huge triangle consolidation that has dominated the picture since July 2007 remains on track. We are currently in wave (D) which is expected to complete near 91.00 from where a final decline in wave (E) should be expected.

Wave (E) should at least decline to the 74.75 - 75.05 area but could move even lower to test support at 65.20. But for form our focus should remain higher towards 91.00 to complete wave C of (D).

Trading recommendation:

Buy AUD near 82.00 for the final rally towards 91.00 where profit should be taken and the position should be reversed for the final dip in wave (E).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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