EURUSD and AUDUSD Intraday: Elliott Wave Analysis
EURUSD is at the highs on bad US data. We see now price moving up within much more complex wave 4) than firstly thought. One possibility is a double zigzag from October lows, now with wave C underway ideally towards 1.2900 area.
EURUSD 1h Elliott Wave Analysis
As long as 0.8811 is in place we can expect a turn down on AUDUSD from current wave (e) that is final leg within a triangle pattern. However, we need a move back to 0.8714 to confirm a finished three wave rise in current wave (e). So for now it's too early to look for a decline back to October lows, but if current resistance level at 0.8800 holds then USD will be back on the rise. Based on even more complex pattern that can unfold we see invalidation level at 0.8900.
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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