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EUR/USD & AUD/USD expected to resume downtrend – Elliott

The USD lost some value on Friday against the EUR after the pair touched levels beneath 1.3500. An intraday bullish reversal came after a fifth wave down that spiked to a new low from a triangle placed in fourth wave. However, any pullbacks will not last long as we see this push against the USD as just another corrective fourth wave. We expect a downtrend resumption but after a minor a-b-c pullback. Invalidation level is at 1.3587 now as wave iv) must not trade into the territory of a wave i).

eurusd intraday  Elliott Wave Analysis technical outlook July 21 2014
EURUSD 1h Elliott Wave Analysis

We are also still holding shorts on AUDUSD, on which a downtrend continuation could be seen as the latest pullback appears to be in three legs. I would love to see a strong fall through 0.9360 swing that may open door for 0.9327.

 

audusd intraday Elliott Wave Analysis technical outlook July 21 2014

 

AUDUSD 1h Elliott Wave Analysis  

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!