Elliott Wave EURUSD, AUDUSD June 20 2016



Good morning traders. World markets are considerably up from lows during Asia trading hours. We will see if this rally will sustain. Brexit vote is this week on Thursday so be careful on increased volatility if you have any exposure. No major economic news today.

EURUSD reversed from the 1.12 area, that is why we are now tracking a temporary bullish count, but only in the corrective phase. We regard this move up as wave C and the current price is in the blue wave iii. The target for this C wave up is around 1.1460-70 region, where we can hit some resistance. Invalidation level is at 1.1271 – as long as this levels holds, count is valid.


eurusd 1


AUDUSD made the same reversal as the EUR but we think as in the case of the EURUSD, we are witnessing just a corrective pullback to the upside. So we will still stay bullish on USD from mid to long term. The current count on the Aussie is already close to completing black wave 3 with a pullback approaching in the black wave 4 to around 0.7430 region. After wave 4 is finished, our target for the red wave C is projected to come close to the 0.7500 area, where we will be expecting a turning point lower.



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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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