Elliott wave Analysis: EURUSD, GBPUSD and AUDUSD Look Beautiful

Intermediate

Good morning traders,

All three of the pairs, EURUSD, AUDUSD and GBPUSD look great and are easy to count. On GBPUSD 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.

GBPUSD, 30Min

intra-day gbpusd july 27 2018

AUDUSD 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.

AUDUSD, 30Min

intra-day audusd july 27 2018

EURUSD is unfolding a five-wave fall from the 1.1742 level which is a sign of a bearish impulse. We see 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.

EURUSD, 30Min

intra-day eurusd july 27 2018

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia (Central Europe) and has been active in the Forex market since 2003. He is a technical analyst and individual trader who also provides articles and trade plans ba...continued

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