Elliott Wave Analysis For AUDUSD and EURUSD Intraday
AUDUSD has extended its weakness in the last few sessions from 0.8894 where we labeled end of a fourth wave, meaning that current leg down is wave five, possibly finished as we can count five subwaves into 0.8750 level. As such, be aware of a bounce, a larger one once upper channel line gives way.
AUDUSD 1h Elliott Wave Analysis
EURUSD is down following the US GDP figures, but current leg is still not looking very strong so it can be wave b as part of an incomplete wave iv) that can retrace up to 1.2780, for 38.2% before market could finally break down into fifth wave. But we however expect to see new lows as long as 1.2824 level is in place.
EURUSD 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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