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AUDUSD and USD/JPY have room for rises before turning

AUDUSD found support yesterday about which we warned you in our past update with those five sub-waves down in red wave 3). We know that after five waves the market will make a three wave movement into the opposite direction. For now, the bounce from the low is still in three legs, but it seems to be underway with wave C now in view towards 0.8400 where the contra-trend reaction of red wave 4) could look for resistance.

AUDUSD 1h Elliott Wave Analysis December 10 2014 technical outlook for currency trading forex

AUDUSD 1h Elliott Wave Analysis

The decline on USDJPY can be counted in five waves, so we need to be aware of more downside after a three wave bounce. We are looking at a zigzag with wave c) now in progress towards the 120/120.50 resistance area. Once those levels are reached, we could see a bearish turn for 117.00 while the 121.83 high must stay in place.

USDJPY 1h Elliott Wave Analysis December 10 2014 technical outlook for currency trading forex

USDJPY 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!