Elliott Wave Analysis on GBPUSD and AUDUSD Mar 2016

GBPUSD

GBPUSD is at the highs of the week following a nice turn up yesterday when the price found a support at 1.4117; slightly beneath our first support marked at 1.4130. So far, this leg up appears to be very strong so we think that wave B is finished and that the price is underway to the 1.4400 area, where we also see an open gap from Feb 22nd. These gaps, very rarely, stay open so be aware of more upside in the next few sessions, but after the gap is filled a bearish turn may come in play.

GBPUSD, 4H

AUDUSD

AUDUSD keeps moving higher probably in impulsive fashion if we consider a strong rally from 0.7107. It also looks like an extended wave which typically occurs in the middle of a five wave move, so we suspect it’s wave 3 of three. At the same time we can see that the price hit 261.8% Fibonacci extension level of wave 2 which is very common projected ratio for wave 3. That said, we think that the Aussie can rise even more in the days ahead, but after a pullback which can be underway down into a black wave 4 that can be looking for a support near 0.7350-0.7400.

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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