Elliott Wave Analysis: AUDJPY and AUDUSD Intraday

By: Gregor Horvat | Wed, May 21, 2014
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With weak stock market money flows into safe haven currency, the Japanese yen. Yen is up across the board and with more coming on stock markets we think that Yen will remain in uptrend, meaning more downside for USDJPY and other XXX/JPY pairs. AUD has been hit hard in this week, so we decided to check the AUDJPY cross-pair. We see a sharp five wave decline from above 95.00 level that is probably an extended wave 3 so we expect more weakness to come, but after a corrective wave 4 bounce that may occur in the second part of this week.

AUDJPY 1h Elliott Wave Analysis

AUDJPY 1-Hour Elliott Wave Analysis Chart

AUDUSD has lost correlation with other USD pairs as currency is mostly driven by commodity market and stocks. It's showing some positive signs with the S&P so I would not be surprised to see more weakness on AUDUSD. In fact, recent sharp fall on AUDUSD looks like a wave three so definitely we anticipate more weakness after a fourth wave rally.

AUDUSD 1h Elliott Wave Analysis

AUDUSD 1-Hour Elliott Wave Analysis 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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