FX.co ★ AUD/USD Elliott Wave trading recommendations for 6th June 2016

The price reached our profit target on 3rd June 2016 completing the triple bottom bullish exit as expected and bouncing off our RSI ascending support perfectly.

Today we turn bearish because the price has reached the wave iv potential of 38% (fibonacci retracement), and we expect a drop from here towards 0.7225. The RSI has also dropped below it's key 71% resistance level with good downside potential to 0.7225.

Trading recommendation:

Sell now, add another position if the price rises to 0.7375.

Stop loss: 0.7500

Take profit: 0.7225