Elliott Wave Analysis On AUDNZD And GBPJPY

By: Gregor Horvat | Thu, Jun 30, 2016
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AUDNZD

US market is open for trading. Jobless claims came out in line with expectations in the US. On one of the pairs, AUDNZD we noticed a possible A)-B)-C) pullback that can be near completion in red wave C). We can count 5 waves up with an unusual spike, that completed wave A) and a three wave move in wave B) that developed. Now this higher degree zig-zag could be near completion, as we expect one more push down in the red wave C) and we will observe what will happen when price touches 1.03250-300 zone. We would like to see an impulsive wave up to unfold from this area, which could lead to a higher bullish sequence.

AUDNZD, Daily

AUD/NZD Daily Chart


GBPJPY

On the GBPJPY we are in the final stages of a higher degree impulsive wave, which can be near completion as we are tracking final wave 5). This final wave 5 may reach 127.180 region, where Fibonacci ratio of 200 can act as a support and a turning point higher. If for some reason sub-wave 4 trades into the territory of black wave 1, than we would adjust the final wave count.

GBPJPY, Daily

GBP/JPY Daily 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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