Elliott Wave Analysis: AUDJPY and AUDUSD Intraday
With weak stock market money flows into safe haven currency, the Japanese yen. Yen is up across the board and with more coming on stock markets we think that Yen will remain in uptrend, meaning more downside for USDJPY and other XXX/JPY pairs. AUD has been hit hard in this week, so we decided to check the AUDJPY cross-pair. We see a sharp five wave decline from above 95.00 level that is probably an extended wave 3 so we expect more weakness to come, but after a corrective wave 4 bounce that may occur in the second part of this week.
AUDJPY 1h Elliott Wave Analysis
AUDUSD has lost correlation with other USD pairs as currency is mostly driven by commodity market and stocks. It's showing some positive signs with the S&P so I would not be surprised to see more weakness on AUDUSD. In fact, recent sharp fall on AUDUSD looks like a wave three so definitely we anticipate more weakness after a fourth wave rally.
AUDUSD 1h Elliott Wave Analysis
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.
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