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AUD/USD decline looks strong; EUR/USD could be heading lower

The FX market was not very active yesterday as a lot of traders were away for the US Columbus day. However, we have seen some reaction during the Asian trading hours, when USD fell across the board but those moves are now already reversing, especially on AUDUSD which is down more than 70pips from earlier highs.

On AUDUSD we were tracking that corrective rally from the low and noted that 0.8800 could turn into resistance which has happened overnight. The current intraday decline looks quite strong based on sentiment and volume so it may be start of something bigger. We would not be surprised to see a revisit of the 0.8650 low in this week. For now 0.8900 remains invalidation level; as long this one holds trend is down.

AUDUSD Elliott Wave Analysis foreign exchange currency trading forex October 14 2014
AUDUSD 1h Elliott Wave Analysis

EURUSD could be heading lower today to retest the 1.2600 level as the rally from 1.2600 unfolded in three legs, so we see it as a correction within an incomplete and minimum three waves of decline. A break of 1.2650 should cause a downwards acceleration.
EURUSD 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!