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

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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