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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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Elliott Wave Analysis: AUDUSD and GBPJPY

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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