Elliott Wave Analysis: USDJPY and AUDUSD

By: Gregor Horvat | Wed, Jan 4, 2017
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USDJPY is making an intraday dip, but decline is in three legs down, so we see it as a corrective move withing uptrend. Price is now at 61.8% with wave C, so it will be interesting to see how market will react at these levels. A bounce back above 118.00 can be coming as confirmation for a continuation higher.

USDJPY, 1H

USD/JPY 1-Hour Chart

Aussie is making a nice recovery, but traders should not fall in love with bullish trend too soon, as we see pair trading in wave C) which is final leg of a corrective wave two. Ideally, pair will unfold with five waves up towards 0.7300 where gains could get limited later this week.

AUDUSD, 1H

AUD/USD 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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