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Elliott Wave Analysis: AUDUSD and GBPJPY

By: Gregor Horvat | Thursday, February 16, 2017

AUDUSD

AUDUSD is trading at a new high as expected after a completed corrective structure in B)-wave which was a flat and not a triangle. The reason is current slow price action above 0.7700 that looks like small intraday corrective pause, so ideally it's wave 4 of a five wave structure in wave C). That said, another but maybe final leg up can be coming towards 0.7740, from where market may turn bearish.

AUDUSD, 1h

AUD/USD 1-Hour Chart


GBPJPY

When we are tracking a corrective set-back of a wave two we normally want to see a retracement for at least 38.2% compared to wave one. So far that's not the case yet on GBPJPY so we can expect lower levels in the near-term, especially if we also consider that wave four of a lower degree usually represents an important swing level.

GBPJPY, 1h

GBP/JPY 1-Hour Chart

 


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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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