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Elliott Wave Analysis: GBPUSD and German DAX Intra-day Movement

USD was up yesterday, but some majors are already recovering the losses, with EURUSD up 70 points since yesterdays low. Commodity currencies are also acting strong, especially AUD and NOK at the moment. On the other-hand, if you want a  bullish take on USD then stay against the pound which may see a drop to a new low of the week soon.

GBPUSD is in wave four so be aware of a fall into wave five down to 1.2800 this week. Resistance is at Fibonacci ratio of 50.0.

GBPUSD, 1H

Regarding stocks, we see the market back in risk-on mode, as DAX turned up from 11927 in five waves which is a bullish structure, but we should be aware of a three wave set-back before the uptrend may resume.

German DAX, 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!