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EUR/USD & AUD/USD Elliott Wave Cycles Approaching Support
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USD Index DXY trades higher after Fed notes and market seems in risk off mode. Major pairs EURUSD, GBPUSD, & AUDUSD trade at their recent levels low and look for a support before making a rally.
As per Elliott Wave analysis, EURUSD is coming down into wave 5 which is breaking now beneath March levels, so pair is moving closer to our projection levels for a fifth wave at 1.16-1.1650 area, where pair may find some support. But even if this will be a temporary support a rally should occur in three waves minimum
EURUSD 4h Elliott Wave Analysis Chart
AUDUSD is in downtrend now falling sharply within wave 5) towards our projection targets near 0.7150. For now bears are strong so it would be too soon to look for any bottom formation. Even if we are tracking a fifth wave here, you never know how extended fifth wave can be, so it’s important to be patient and wait on confirmation before turning to the other side of a trend. In our case we need five waves up back into a triangle area which is expected anyhow based on EW guidelines as move out of a triangles are final in a sequence
AUDUSD Elliott Wave Analysis Chart
About the Author
Gregor Horvatcontributor
Gregor 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.
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