AUDJPY 1h Elliott Wave Analysis
With weak stock market money flows into safe haven currency, the Japanese yen. Yen is up across the board and with more coming on stock markets we think that Yen will remain in uptrend, meaning more downside for USDJPY and other XXX/JPY pairs. AUD has been hit hard in this week, so we decided to check the AUDJPY cross-pair. We see a sharp five wave decline from above 95.00 level that is probably an extended wave 3 so we expect more weakness to come, but after a corrective wave 4 bounce that may occur in the second part of this week.
AUDUSD has lost correlation with other USD pairs as currency is mostly driven by commodity market and stocks. It’s showing some positive signs with the S&P so I would not be surprised to see more weakness on AUDUSD. In fact, recent sharp fall on AUDUSD looks like a wave three so definitely we anticipate more weakness after a fourth wave rally.
AUDUSD 1h Elliott Wave Analysis
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