AUDUSD & EURGBP Move Down Impulsive Bearish Fashion :

AUDUSD is in a downtrend, but possibly in a fifth wave of an extended black wave 3 as shown on the hourly chart, so room for current bearish waves can be limited. That said, we don’t think it’s a good time for any new shorts, but rather wait on a corrective bounce back to 0.7480 before a downtrend may resume once again. we see some nice support at 0.7300.

AUDUSD 1h – Elliott Wave Analysis

EUR is also having a very nice bearish structure against the pound with an impulsive price action in play since July 13th. Impulses are five wave patterns, so we expect more weakness after a bounce up in wave four that may occur in the next 24 hours. Ideally that will be wave four that will stop around the 0.7060 area where we could be interested in a short position.

EURGBP 1h – Elliott Wave Analysis

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!

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