Elliott Wave Analysis: AUDUSD and USD Index

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Here are AUDUSD and USD Index 4h looks.

AUDUSD is nicely trading to the downside, unfolding a five-wave bearish impulse that can search for a potential base near the Fibonacci ratio of 261.8. However, at the moment we are trading within the third leg as part of an impulse, meaning some temporary pullback may still follow, once wave 3) fully unfolds.

AUDUSD, 4H

On USD Index we are tracking a three wave recovery from the low which can either be a correction; an A)-B)-C) move, or a start of a new impulsive bullish trend, in case we consider that it can be red wave 3) underway now. However, it is too soon to confirm if the trend has changed or not, but what really matters is that in both cases there is room for red wave 3)/C) to climb up to 94.12 key resistance level.

USD Index, 4H

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About Author

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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