Elliott Wave Analysis On USDJPY And AUDUSD

By: Gregor Horvat | Tue, May 10, 2016
Print Email

USDJPY

USDJPY is still in the uptrend from recent lows. Because of five visible sub-waves in the blue wave three, we believe that price will make a minimum three wave setback in blue wave four position, with possible support levels seen around 108.30-60 zone, where even 38.2 Fibonacci support can act as a turning point higher. After the corrective pullback is over we should see a continuation higher into the fifth and final wave with resistance around 109.60 region. This will mark a temporary end of an upward move.

Invalidation level is at- 107.702 as long as price trades above it, we are looking to the upside.

USDJPY, 30Min

USD/JPY 30-Minute Chart


AUDUSD

AUDUSD is still in the black wave 4 corrective phase. After a three wave fall this should represent an a-b-c pullback with resistance levels seen around 0.7384/0.7392 zone, where even fromer wave four of a lesser degree can act as a turning point. There we will look for signs of a reversal with invalidation levels at wave i) lows at 0.7446.

AUDUSD, 1H

AUD/USD 1-Hour Chart

 


Are you wondering where are other USD pairs headed in short-term, or maybe Gold or S&P500? We have special updates on global markets for active traders. For more details, click HERE

 


 

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/

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com