Elliott Wave Analysis On AUDUSD And EURJPY

By: Gregor Horvat | Mon, Dec 21, 2015
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AUDUSD

Traders, the FX market is still very slow but at least gold is showing some signs of life. With higher gold we may expect higher AUDUSD too which is trapped in a small 40pip range but break to the upside may follow soon if metals will continue to improve. On the hourly chart of Aussie we see bullish pattern after three waves down last week, but we still need five waves up to confirm low in place at 0.7093. If pair will close up today, then we may even consider new long entries this week, on the wave ii) pullback.

AUDUSD, 1H

AUDUSD 1-Hour Chart


EURJPY

EURJPY can be very interesting this week if EURUSD will not move down much and if USDJPY will finally catch up the gains with DAX. On the 4h chart below there is a nice bullish count that can be bottoming but we would need 134.00 before we may chase long entries.

EURJPY, 4H

EURJPY 4-Hour 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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