AUDUSD and EURUSD Intraday: Elliott Wave Analysis
AUDUSD is trading outside of the upward channel so ideally wave A) is now done with its five subwaves up from 0.7611 so traders should be aware of a lower pullback. We are looking at wave B) correction that can retrace to 0.7760/0.7800, potential support area. We think that price will reach 0.8000 psychological level before it may turn down for a bigger impulse.
AUDUSD 1h Elliott Wave Analysis
EURUSD is slightly reversing from the highs, ideally down into wave C of wave B) that can be looking for support near 1.0760/1.0800. We will be pay close attention to this level for bounce and maybe even longs.
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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