Elliott Wave Analysis On GBPUSD And EURAUD

By: Gregor Horvat | Wed, May 4, 2016
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GBPUSD

GBPUSD found some support at that 1.4472 swing level as expected where first impulse down can be finished. As such, we have to be aware of a three wave recovery now back to around 1.4600-1.4650 area from where we will expect a new strong sell-off, ideally down into wave 3) while market is trading beneath 1.4768 high.

GBPUSD, 1H

GBP/USD 1-Hour Chart


EURAUD

EURAUD is moving nicely to the upside, possibly within a third wave now that can rally up to 1.5560 area this week. If that price will be reached while market is trading above 1.5131 then we may be even interested in longs after wave 4.

EURAUD, 4H

EUR/AUD 4-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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