EUR/USD, AUD/USD, GBP/USD Intraday Elliott Wave Review

USD moved sharply lower yesterday, mostly against all of the major pairs including the JPY. This came despite a higher stock market in the second part of the US session.

The only pair where USD is still looking bullish at the moment is AUD/USD. We have seen a sharp reversal lower on that pair during the Asian session which is now looking impulsive, attacking 0.9433 low after only a three wave rally up to 0.9672

EURUSD and GBPUSD are the most interesting pairs for us at the moment. We can see both pairs in a sharp uptrend since yesterday and we can see some nice wave structure that signals for more gains in sessions ahead.

On both pairs we see wave four in progress that may bottom in the near-term. Support for the EURUSD comes in around 1.3200 and support for GBPUSD could be seen around 1.5450.

EURUSD 30min

GBPUSD 1h

If today would not be the Non-Farm Payrolls day, then we would be looking for long opportunities on EURUSD. But NFP is usually a gamble, so we will stay aside, and pay attention to new opportunities next week.

Trade well!

See how to trade the Non-Farm Payrolls with EUR/USD

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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