Elliott Wave Analysis On GBPUSD And AUDUSD

By: Gregor Horvat | Tue, May 3, 2016
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GBPUSD

GBPUSD is turning significantly lower today after earlier spike up to 138.2% Fibonacci extension level where market might have formed a top if we consider a very strong decline now back to 1.4600. We see clear bearish impulse coming after completed ending diagonal in wave 5 so more weakness is now expected, especially if we also consider broken upward channel. From a minimum perspective pair is going to make three waves of decline back to former wave four, to 1.4472.

GBPUSD, 1H

GBP/USD 1-Hour Chart


AUDUSD

AUDUSD is turning down sharply after the RBA cut rates to 1.75%. We see AUD one of the weakest today so we will stick with current bearish sentiment and look for more downside from here. We are tracking red wave 5) from 0.7718 towards 0.7440-0.7500 area.

AUDUSD, 1H

AUD/USD 1-Hour 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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