Elliott Wave Analysis On GBPUSD And AUDUSD

By: Gregor Horvat | Tue, May 3, 2016
Print Email

GBPUSD

GBPUSD is turning significantly lower today after earlier spike up to 138.2% Fibonacci extension level where market might have formed a top if we consider a very strong decline now back to 1.4600. We see clear bearish impulse coming after completed ending diagonal in wave 5 so more weakness is now expected, especially if we also consider broken upward channel. From a minimum perspective pair is going to make three waves of decline back to former wave four, to 1.4472.

GBPUSD, 1H

GBP/USD 1-Hour Chart


AUDUSD

AUDUSD is turning down sharply after the RBA cut rates to 1.75%. We see AUD one of the weakest today so we will stick with current bearish sentiment and look for more downside from here. We are tracking red wave 5) from 0.7718 towards 0.7440-0.7500 area.

AUDUSD, 1H

AUD/USD 1-Hour Chart

 


Are you wondering where are other USD pairs headed in short-term, or maybe Gold or S&P500? We have special updates on global markets for active traders. For more details, click HERE

 


 

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.

EW-Forecast: To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

Please be informed that information we provide ARE NOT trading recommendation or investment advice. All of our work is for educational purposes only.

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com