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GBP/USD still has room to the downside; AUD/USD can

The FX market did not go far for the last few sessions as traders await the FOMC meeting minutes scheduled for today at 19.00GMT. However, we can see some USD gains at the start of the European session but still no major break, and it may stay unchanged until the big event. But, based on the wave count, there could be a real battle between commodity currencies vs. others as the USD seems to be positioned for a weak move against the AUD and the NZD but still moving up against the JPY, and the GBP. EURUSD and USDCHF are sideways, but the direction remains unchanged as long as we are above Monday’s extremes.

gbpusd Elliott Wave Analysis November 19 2014 technical view ahead of FOMC Meeting Minutes

GBPUSD 30min Elliott Wave Analysis

Yesterday, we were looking for a reversal down on GBPUSD, from around the 1.5670/90 area and so far it works very well, as pair already fell beneath 1.5617 so looks like wave (v) is underway to a new low, possibly towards 1.5550, but 1.5656 and more important 1.5676 must stay in place.

AUDUSD 1h Elliott Wave Analysis

AUDUSD Elliott Wave Analysis November 19 2014 technical view ahead of FOMC Meeting Minutes

AUDUSD is also down today, but based on the wave count, we see the pair now at a very interesting support area, around 0.8620/40. Here we see a 61.8% Fib. retracement level as well as the former wave (iv) so we would not be surprised if the pair would turn back up in the sessions ahead. In fact, a decline from 0.8784 is in three legs so it can be treated as a correction. A rise above the upper trendline and through 0.8746 will make a room for a rally above 0.8794 this week. The invalidation level is at 0.8538.

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!