EURUSD and AUDUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Oct 15, 2014
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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

EURUSD 1-Hour Elliott Wave Analysis Chart

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

AUDUSD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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