Elliott Wave Analysis: These three pairs are looking good

July 27, 2018 10:22 AM
Elliott wave Analysis: EUR/USD, GBP/USD & AUD/USD

All three of these currency pairs--the euro/U.S. dollar (EUR/USD), Aussie dollar/U.S. dollar (AUD/USD) and the British pound/U.S. dollar (GBP/USD) -- currency look great and are easy to count. Looking first at the GBP/USD, we see a five-wave drop in play down from 1.3213 area which is a trait of a bearish impulse, and which suggest where the intra-day trend can be going.

We see it going bearish, but only after sub-wave v) of a fully shows up and after the three-wave pullback that can follow into blue wave b unfolds. Once these two stages happen, we may expect a new break below the 1.3060 area in upcoming sessions.

GBP/USD, 30-min

AUD/USD looking beautiful

The AUD/USD is also falling, unfolding a nice and clear five-wave movement down from 0.7464 area. We specifically see price making a new intra-day drop down from 0.7395 level, which is the area of a completed wave iv and which now points towards new lows for the unfolding wave v of a). Support for sub-wave v can be seen around the Fibonacci ratio of 161.8/61.8.

AUD/USD, 30-min


The euro/U.S. dollar (EUR/USD) currency pair is unfolding a five-wave fall from the 1.1742 level, which is a sign of a bearish impulse. We see the recent correction as wave iv completed at the 1.1657 area, so current drop can be wave v that can extend towards the Fibonacci ratio of 61.8.

EUR/USD, 3-min




About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/