All posts by Grega Horvat

EURUSD Could Trade Lower

Gregor Horvat

EURUSD moved sharply to the upside In August, up to 1.1700 area from where price turned nicely down two weeks back. A sharp decline to 1.1100 suggests that pair found a top and most likely accomplished a corrective wave IV rally from March 11, that we labeled it now as three wave move with a triangle in the middle. That’s a completed contra-trend move that is pointing to weaker EUR now; down into wave V that will be targeting new lows. more…

GOLD Retraces Down For Correction, Eyes $1230

Gregor Horvat

Gold rallied towards the upper side of a downward channel where break can occur in September as rally from the low is having characteristics of an impulsive price action. If that’s the case then ending diagonal is completed which means that metal is turning bullish, but for final confirmation of a turning point and big uptrend we need to see broken red trendline resistance as well as 1306 swing. However, from a minimum expectations we see 1230 in play for weeks ahead. more…

USDJPY Trades Lower For Correction

Gregor Horvat

USDJPY fell sharply lower last week which can be an impulsive move, headed to lower levels based on very strong bearish momentum. That said, we labeled latest recovery as wave B that is part of a complex correction; probably a flat in wave 4) that will be targeting former wave four just beneath 119.00 area. We will be looking for a new turn up from that support region. more…

Crude Oil Trades Within Impulsive Downtrend

Gregor Horvat

On Crude oil daily chart we have seen a nice retracement from February low to 63 level, but with three waves which is a structure of a corrective price action. We labeled it as completed wave 4) so we believe that price is falling now in wave 5) that can be $33 by the end of the year. Currently we see price in sub wave 3 of 5) that can be looking for some support around $40. more…

USDJPY Targets 127.00

Gregor Horvat

USDJPY remains in bullish mode on the daily time frame, despite deep downward retracement to 120.40 that looks now as a completed wave 4 because of a three subwaves down. As such, we suspect that rally since March is going to be an expanding diagonal; it’s a five wave pattern, currently with final sub-wave 5 in play that will likely be targeting 127.00 area, where top could be seen later this summer. more…

EURUSD Continues Bearish Move Towards Parity Level

Gregor Horvat

EURUSD recovered nicely since March, but we see price action choppy, overlapping and very slow compared to previous strong decline. That’s characteristics of a corrective price action, so we assume that this is just a pause within larger downtrend which may resume through August, as pattern can be near completion. Ideally pair will continue straight down into wave V targeting 1.0000 psychological level. more…

AUDUSD Is At New Low, Targeting 0.7200

Gregor Horvat

AUDUSD is at new low after the pair completed fourth wave pullback, but earlier than we thought. However, our main focus was for a continuation down to lower levels which are now coming in play as pair already trades in wave 5 of 3) that can be targeting 0.7200 soon. Based on the lasts price action we expect a bounce next week again into a fourth wave of a larger degree. more…

AUDUSD Looks For Correction

Gregor Horvat

AUDUSD is at new lows which has been expected in the last few months as rally from April to May highs has a clear corrective personality as mentioned at the time. We labeled it as wave (4), so current leg down from 0.8160 should then be wave (5), final leg within a bearish sequence. However, before we may look for a bottom formation we need five subwaves down into around 0.7000 area where bottom could be seen sometime this year. more…