Elliott Wave Analysis For USDJPY and AUDUSD Intraday

By: Gregor Horvat | Wed, Jul 16, 2014
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USDJPY has recovered in five waves from 101.04 which means that low is in place, but only for wave D) that is part of a triangle. So current impulse up is wave A, first leg of a three wave rally in wave E) of a higher degree. In the short-term, be aware of a three wave set-back in black wave B that may look for a support around 101.42, at former wave (iv).

USDJPY 1h Elliott Wave Analysis

USDJPY 1-Hour Elliott Wave Analysis Chart

The AUDUSD has been trading lower for the last few days and tested July lows. For now our bearish prediction and active shorts from last week works fine, but I would still love to see a decisive break of that July low before we may finally pull stops down. I however am observing a very aggressive bearish count while 0.9376 holds, but because of many different counts possible I would label 0.9455 as invalidation level.

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

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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