Elliott Wave Analysis USDJPY and AUDUSD April 27 2016

USDJPY

As expected USDJPY hits 110.67 level which was our minimum upward objective last week, based on the projection for a third wave up that we marked it as wave C or wave 3. For now it can still be a little early to confirm if the rally up is corrective or a new bullish impulse in progress, but based on the strong momentum in the last few days, we think that there can be room for wave 3 towards 112.50-113.00 in the next few days.

USDJPY, 4H

AUDUSD

AUDUSD broke sharply to the downside in the last few hours, into a third wave of decline which has a very strong bearish momentum so it can be wave 3) as part of a new bearish impulse. As such, an ending diagonal can be finished then which means that the pair is expected to go much lower. Based on the short-term projections we see room for 0.7540, where wave 3) would hit 161.8% Fibonacci extension of wave 1 measured from end of wave 2).

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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