AUDUSD & EURUSD May bounce Down - Elliott Wave Analysis

AUDUSD & EURUSD May bounce Down – Elliott Wave Analysis

The Greenback was mixed across the board last week; up against the EUR, AUD and the GBP, but down against the JPY while the USDCAD traded sideways. Markets hardly reacted, even after worse than expected NFP figures, but we also do not expect much movement today because of the holiday in the US.

On EURUSD we see a slow price action within 100 pip range which can form a fourth wave triangle, so weakness could step down to around 1.1050 in the sessions ahead. Invalidation level is at 1.1233, as wave 4 virtually never crosses into the territory of wave 1.

EURUSD 1h Elliott Wave Analysis

AUDUSD is also in the fourth wave it seems, after a strong push down on Friday, shown in wave (iii), within an extended blue wave (v) which could be targeting around the 0.6850 zone at the start of this week.
AUDUSD 30min 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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