GBPUSD and AUDJPY Intraday: Elliott Wave Analysis

By: Gregor Horvat | Tue, Apr 14, 2015
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AUDJPY hit new lows recently but now is turning higher so looks like that five wave down from 93.00 is done and that three wave rally is underway to around 91.30/92.00 area where I would expected a resumption of a downtrend.

AUDJPY 1h Elliott Wave Analysis

AUDJPY 1-Hour Elliott Wave Analysis Chart

GBPUSD is higher, now in third leg up as expected, but it may be wave C of a corrective retracement so upside can be limited at 1.4730 or 1.4800. If price will turn down later today from mentioned levels then new lows will be expected to follow in the rest of the week. On the other-side, only rise above 1.4900 could impact the current outlook.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

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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