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AUD/USD Daily Outlooks

Elliott Wave Analysis on AUDUSD and AUDJPY

AUDUSD

Today we are tracking AUDUSD very closely after the recent decline back beneath 0.7243, where an overlap with wave (a) confirms the fact that a bounce to 0.7334 was corrective and that bears can be back in control. Ideally, the price will continue straight down into wave 3, towards the 0.7150 minimum, but we may see even 0.7000 next week.

AUDUSD, 1H

AUDUSD 1 (1)

AUDJPY

AUDJPY is also looking bearish, but we expect a bounce in stocks which could support USDJPY, so we will rather sticks with AUDUSD. However, on AUDJPY structure is also good and clean; a sharp impulse down followed by a bounce from around 87.30 that looks like a corrective wave. Ideally, the pair will turn down from around 89.50 in the sessions ahead.

AUDJPY, 4H

AUDJPY 4

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!