Elliott Wave Analysis On AUDNZD And USDCHF

By: Gregor Horvat | Thu, Jul 28, 2016
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AUDNZD

We have been tracking a potential reversal on AUDNZD and this looks to have happened so far. We have seen a nice impulse wave up in five waves, labeled as wave 1 and a corrective pullback which could be wave 2, possibly in final stages. We believe more upside could follow, but only after the upper corrective channel line is crossed.

AUDNZD, 1H

AUD/NZD 1-Hour Chart

USDCHF

Let's look at the USDCHF. The USDCHF seems to be unfolding as an expanded flat 3-3-5 pattern in the corrective pullback in wave 2) with still some room for lower levels. Support could be around 0.9700 area where we will look for signs of a reversal and wave 2) lows.

USDCHF, 1H

USD/CHF 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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