Elliott Wave Analysis On AUDNZD And GBPJPY

By: Gregor Horvat | Thu, Jun 30, 2016
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AUDNZD

US market is open for trading. Jobless claims came out in line with expectations in the US. On one of the pairs, AUDNZD we noticed a possible A)-B)-C) pullback that can be near completion in red wave C). We can count 5 waves up with an unusual spike, that completed wave A) and a three wave move in wave B) that developed. Now this higher degree zig-zag could be near completion, as we expect one more push down in the red wave C) and we will observe what will happen when price touches 1.03250-300 zone. We would like to see an impulsive wave up to unfold from this area, which could lead to a higher bullish sequence.

AUDNZD, Daily

AUD/NZD Daily Chart


GBPJPY

On the GBPJPY we are in the final stages of a higher degree impulsive wave, which can be near completion as we are tracking final wave 5). This final wave 5 may reach 127.180 region, where Fibonacci ratio of 200 can act as a support and a turning point higher. If for some reason sub-wave 4 trades into the territory of black wave 1, than we would adjust the final wave count.

GBPJPY, Daily

GBP/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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