Elliott Wave Analysis: AUDUSD Intraday 5/28/2014

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AUDUSD 1h Elliott Wave Analysis |

The FX market is again not moving much, despite strong sell-off on metals yesterday. I however expect more weakness on gold, which sooner or later may cause a move down on AUDUSD through 0.9200 support. GBPUSD is also on bearish track with much clearer wave structure than EURUSD that seems to be lost around current 1.3600-1.3670 range. On the equities we suspect that markets will rally even more if we consider an incomplete rally on the E-mini S&P500. But before uptrend resumes towards 1920 we may see a corrective retracement.

Here is our AUDUSD chart, still moving sideways but clearly looking corrective from 0.9200, so we remain bearish on this pair for a decline to a new swing low; down into wave (v) that may fall to 0.9150/70 zone. You know what they say » The longer it takes significantly breaks«!

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.