Elliott Wave Analysis: GBPUSD and AUDUSD

GBPUSD

On the updated 4h chart of GBPUSD, we can see that prices came lower last week with some aggressive decline on Friday to 1.2750-1.2800 area. The move can be impulsive, so we are considering the idea of a top in place, thus more weakness may extend to much lower levels this week, especially after a wave 2 bounce that can take the price temporarily back to Fibonacci ratios of 50.0 or 61.8. That said, any stronger rise back above 1.3012 may put bullish trend back in play.

GBPUSD, 1H

AUDUSD

On the updated chart of AUDUSD we can see that the price has broken beneath the previous swing down of wave B at 0.7389 level, which can indicate and confirm a top in place at 0.7517 level. That said we could now be trading in black wave 3, with still more room to go. Ideally we will see an extension towards the Fibonacci projections at 161.8 or 261.8 in the coming days.

AUDUSD, 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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