Short-term Wave Structure Is Pointing For Strong USD-Elliott Wave

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GBPUSD 30Min Elliott Wave Analysis
GBPUSD 30Min Elliott Wave Analysis

Written by www.ew-forecast.com

Markets are very calm ahead of UK GDP report and also ahead any new news from Jackson Hole regarding the QE tapering. EURUSD and GBPUSD are in tight range but as you know we trust technicals, where the wave count is pointing for stronger USD.

On EURUSD, we have five waves down in formation of a leading diagonal and now correction in progress that should form a top around 1.3370-1.3390. Bearish view very remains valid below 1.3451.
EURUSD 1h Elliott Wave Analysis

EURUSD 1h Elliott Wave Analysis
EURUSD 1h Elliott Wave Analysis

GBPUSD is showing very similar structure, impulse down and now corrective bounce is unfolding that should be made by three sub-waves. We see wave a), now triangle in wave b) so wave c) is expected to find top in 1.5620-1.5660 resistance area. Be aware of UK GDP report at 08:30GMT.
GBPUSD 30min Elliott Wave Analysis

GBPUSD 30Min Elliott Wave Analysis
GBPUSD 30Min Elliott Wave Analysis

On AUDUSD we are also tracking a corrective pull-back, but not sure if it’s already complete. Decline from latest 0.9040 swing is in three legs so it can be wave (x) of a complex wave 2. We see nice resistance at 0.9090.

AUDUSD 30min Elliott Wave Analysis

GBPUSD 30Min Elliott Wave Analysis
GBPUSD 30Min Elliott Wave Analysis

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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.