Elliott Wave Analysis On EURUSD And AUDUSD

By: Gregor Horvat | Fri, Jul 29, 2016
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EURUSD

US markets is about to open. GDP came out at 1,2 while market was expected at 2.6 in the US. USD is trading lower. EURUSD is strongly pushing higher and we came close to the 2.618 Fibonacci region, from where wave iii) may end and move into a corrective retracment in wave iv) or will price go directly from here to the upside. In any case if we see a pullback it will be in the fourth wave which may find support around 1.1080-1.1100.

EURUSD, 1H

EUR/USD 1-Hour Chart


AUDUSD

On the AUDUSD, this recent move to the upside can be blue wave c in the corrective pullback from latest lows after that five wave drop was made in red wave 1). RSI is in the oversold area and we are touching now the 0.618 retracement zone. This region right here could act as a resistance and a tunring point lower.

Invalidation levels is at 0.7675, break above this level would invalidate the count.

AUDUSD, 1H

AUD/USD 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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