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Gregor Horvat

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…

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AUDUSD and EURUSD Intraday: Elliott Wave Analysis

AUDUSD has turned nicely down from around 0.8900, a move that can be counted in nice five waves. Five wave move is an impulse that shows a direction of a trend which is clearly bearish on Aussie. Well, we also need to understand that after every five waves correction follows, so a temporary bounce could show up in three legs, back to former wave four before downtrend resumes again. From a bigger perspective, trend is down and it should send AUDUSD much lower, so any bounce is temporary and limited on the upside. Invalidation level is at 0.8900.

AUDUSD 1h Elliott Wave Analysis

AUDUSD 1-Hour Elliott Wave Analysis Chart

No change on EURUSD; there is still possibly that pair is in wave (iii) down while 1.2713 holds. However, it's Friday and price action may slow down so it may be too late to look for EURUSD shorts today. Opportunities will be here next week as well.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart


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