Elliott Wave Analysis On AUDNZD And EURGBP

Gregor Horvat

For those who cannot stay aside during the elections I recommend to look for non USD pairs, as they can be less volatile. Below I am looking at AUDNZD that I would be looking to trade, but after the elections results. Chart shows a clear pattern; five waves up from 1.0235, followed by a contra-trend reaction that can either be finished at recent low, or maybe support will be found near the 1.0350-1.0400 area by the end of the week. The price action is bullish and it suggests more gains while market is above the 1.0235 mark.

AUDNZD 4 Hour Chart

AUDNZD 4 Hour Chart

EURGBP has five waves down from 0.9048 which could lead to more weakness this week, but after a completed three wave rise that is now underway back to 0.8950 region.

EURGBP Hourly Chart

EURGBP Hourly Chart

Source: www.ew-forecast.com

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