Elliott Wave Analysis: EURAUD Intraday Weakness In Sight

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Australian GDP came out below expectations, -0.5 vs. 0.2 forecast which caused some weakness on AUD. We have seen a drop to 0.7430 on AUDUSD while EURAUD is back above 1.4430. An updated wave count now shows idea of an ending diagonal in wave c-circled that can see a top near 1.4600 area. I would be interested to look for a short idea if we get an impulsive turn down from slightly higher prices.

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EURAUD, 1h

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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.