Elliott Wave Analysis On AUDUSD And GBPUSD

By: Gregor Horvat | Thu, Mar 10, 2016
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AUDUSD

AUDUSD has three waves down so uptrend may continue soon as this is a structure of a corrective price action. However, based on the degree of a pullback in current wave 4, we see supports much lower. First one is at 0.7392 and second one at 0.7339, so we want to see a bounce from that area, which means that current correction can be deeper and even more complex than at first sight.

AUDUSD, 1H

AUDUSD 1-Hour Chart


GBPUSD

GBPUSD is trading higher after sharp leg down earlier to 1.4130 area, which was the first support marked on the chart that sent pair back to the upside. We see this downward pullback now completed so more gains are likely to come in session ahead. That said, price can continue towards 1.4400 area in session ahead. There is also gap in that region from Feb 22nd that needs to be filled.

GBPUSD, 1H

GBPUSD 1-Hour 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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