Home Elliott Wave Analysis: AUDUSD, USDCHF and USDJPY
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Elliott Wave Analysis: AUDUSD, USDCHF and USDJPY

Markets are trading slower and slower as holidays are approaching. We see a lot of USD pairs trading in a corrective formation from where we will expect another leg in favor of the buck.

AUDUSD

Commodity currencies are still one of the weakest with the Aussie trading near weekly lows after a three-wave rally to 0.7280 which we labeled as wave 4), so the current decline can be wave 5) underway to 0.7160-0.7180 area.

AUDUSD, 1H

USDCHF

At the same time, we see a triangle on other pairs, such as USDCHF and USDJPY. On USDCHF we see the pair trading in wave D which may rise to 1.0300 in the near-term, but only as sub-wave D, so a real breakout above 1-0350 should occur after wave E. Based on time projection, this push up may occur next week.

USDCHF, 1H

USDJPY

In the meantime, USDJPY may also see higher prices, up to 120.00, but we need 118.25 broken to make sure that wave four is finished. At the same time, this pair will need help from lower 10 year notes prices and higher stocks. For now, invalidation level remains at 116.53.

USDJPY, 1H

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!