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AUDUSD & USDJPY Look Higher – Elliott Wave Analysis

The mover in the overnight session was AUD which rallied sharply following the good retail sales and trade balance figures as well as the shift from the RBA. This bullish move has been technically expected, already ahead of the events as we highlighted a clear bullish pattern after only three waves down to 0.7260. At the moment we see a nice and strong upward reaction that is looking impulsive, but with more upside ahead as a red wave iv) and v) are still missing. Any short-term pullback today could find a support around 0.7350/0.7360 area.

AUDUSD 1h Elliott Wave Analysis

AUDUSD Elliott Wave  August 4 2015 technical analysis for currency trading

USDJPY is still sideways, trading in the middle of a range, currently around 124.00, but notice that pair already has five sub waves from 124.46 high so triangle can be finished. A break above wave d) point, near 124.30 could lift price up to 125.00 very fast. Invalidation level is at 123.00.

USDJPY 1h Elliott Wave Analysis

usdjpy elliott wave technical analysis for currency trading

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on 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 Ew-forecast he helps clients and educates them about the Elliott wave principle 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!