AUDUSD and GBPUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Nov 13, 2014
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It does not matter much if it's wave 1 or wave A, but when you have five waves from the low you know that something is changing and that market will move in current direction in minimum three legs. Well, rally from AUDUSD from 0.85377 is in five waves and overlapping; it was a leading diagonal that puts low in place for Aussie. As such, be aware of more gains after wave 2/B retracement. There is also a gap from Nov 2nd, 60 pips higher, that could act as a resistance in current wave 1/A.

AUDUSD 1h Elliott Wave Analysis

AUDUSD 1-Hour Elliott Wave Analysis Chart

GBPUSD is at the lows, now in fifth wave of an impulsive decline from 1.5939 so pair could look for a temporary support and bounce in three legs in the next few sessions, especially if we consider that wave v) must not be longer than wave iiii). Notice that wave i) was extended. So ideally we will get a bounce ahead of 1.5701.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 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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