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USD storming ahead: AUD/USD and EUR/USD vulnerable to breakdowns

USD is back on the rise today as metals are breaking down. We see AUDUSD trading nicely down from 0.8760 in what can even be a high of a wave ii) so a strong break down into wave three of three could be seen in sessions ahead.

AUDUSD 1h Elliott Wave Analysis

audusd November 5 2014 Elliott Wave Analysis currency trading technical

USD is also looking bullish against the EUR as latest rally from 1.2437 cannot be counted in five waves. So if move is not impulsive then we know it is corrective which means that pair should stay bearish. A break beneath 1.2500 could cause a decline to 1.2400 in the next few sessions.

EURUSD 1h Elliott Wave Analysiseurusd November 5 2014 Elliott Wave Analysis currency trading technical

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!