Elliott Wave Analysis: USD Index and AUDJPY Intraday

By: Gregor Horvat | Thu, Jul 17, 2014
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AUDJPY is moving sideways from July highs which looks like a corrective price action. I am tracking wave b) here that can already be done, so be aware of another leg up to the highs, close to 97/98 zone for wae c) that will complete an expanding diagonal in wave C of a big three wave recovery from 2013 low as shown on the daily chart.

AUDJPY Daily Elliott Wave Analysis

AUDJPY Daily Elliott Wave Analysis Chart

USD pairs are slow today, trapped in small ranges. USD Index still has a bullish look from current consolidation of a fourth wave that could rise up in fifth to 80.70. Intraday uptrend can resume either from current levels or from 80.45, 38.2% Fibo support.

USD Index 1h Elliott Wave Analysis

USD Index 1-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

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 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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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/