Elliott wave Analysis: EURUSD and GBPAUD Update

Hello traders and welcome back to the US session! As expected, EURUSD turned lower after a five-wave rally, so we can expect now a three-wave a-b-c correction, ideally back to around 61,8% Fibo. retracement and 1.15 support area, where a correction may come to an end.

EURUSD, 1h

As expected, GBPAUD is moving lower within a deeper three-wave a-b-c correction of wave 4, which can be approaching the end soon, here around ideal 38,2% Fibo. retracement, previous wave 3) swing high and previous wave iv at that base channel resistance line that can act as a support between 1.8460 – 1.8400 support area. So, watch out for a bounce at projected area, just keep in mind that we need a five-wave impulsive rally to confirm a completed correction.

GBPAUD, 1h

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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