AUDUSD and EURUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Fri, Oct 10, 2014
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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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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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