Elliott Wave Analysis On EURUSD And AUDUSD

By: Gregor Horvat | Fri, Jul 29, 2016
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EURUSD

US markets is about to open. GDP came out at 1,2 while market was expected at 2.6 in the US. USD is trading lower. EURUSD is strongly pushing higher and we came close to the 2.618 Fibonacci region, from where wave iii) may end and move into a corrective retracment in wave iv) or will price go directly from here to the upside. In any case if we see a pullback it will be in the fourth wave which may find support around 1.1080-1.1100.

EURUSD, 1H

EUR/USD 1-Hour Chart


AUDUSD

On the AUDUSD, this recent move to the upside can be blue wave c in the corrective pullback from latest lows after that five wave drop was made in red wave 1). RSI is in the oversold area and we are touching now the 0.618 retracement zone. This region right here could act as a resistance and a tunring point lower.

Invalidation levels is at 0.7675, break above this level would invalidate the count.

AUDUSD, 1H

AUD/USD 1-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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