Elliott Wave Analysis On GBPAUD And CADJPY

By: Gregor Horvat | Mon, May 30, 2016
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GBPAUD

GBPAUD is trading in an impulsive structure from the lows. Current count is displaying three waves to the upside with a corrective pullback in wave 4) with possible support seen at 2.002 region, where previous wave 4 can act as a turning point higher.

GBPAUD, 4H

GBP/AUD 4-Hour Chart


CADJPY

CADJPY seems to be in a corrective pullback pattern labeled as blue waves A-B and C, with a possibility of reaching lower levels ,after and if the lower connecting channel line is breached. As of now we recognized the first impulsive drop from the end of wave C as blue wave 1 and now we expect a zig-zag to unfold in blue wave 2, ideally to around 50 or 61.8%, before more downside may follow.

CADJPY, Daily

CAD/JPY Daily 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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