Elliott Wave Analysis GBPUSD and AUDUSD June 24 2016

GBPUSD

As expected, GBPUSD is also trading lower since yesterday after the price completed a big corrective retracement labeled as wave IV and made a nice sharp turnaround lower from 1.5014. Because of a broken channel support line and a nice impulsive fall, we now think that wave V is underway and more weakness may occur towards 1.3000 region, where bears may slow down.

GBPUSD, 4H

AUDUSD

AUDUSD has made a nice sharp impulsive fall from 0.7646 region, where wave 2 completed a complex corrective pullback, known as a double zig-zag. For now, the price is testing the lower side of a corrective channel line, where the breakdown will signal for more weakness in days to come. We believe that the current drop labeled as wave 1) could face a temporary bounce higher from around 0.7280 wave B) support to send the price up into the corrective wave 2) pullback.

AUDUSD, 4H

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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