All posts by Gregor Horvat

Big Sideways Correction On EURUSD Completed; More Weakness Is Here

Gregor Horvat

EURUSD is turning sharply lower from the 1.1300 level where pair have finally accomplished a big and very long sideways pattern that was located in wave IV. It was a triangle which is now completed because of a decisive break beneath the blue wave D swing at 1.0847 level three weeks ago. As such we are now even more confident that bears may gain more momentum and at the start of a new week, make a decisive breach below blue wave B. more…

Elliott Wave Analysis: USDJPY

Gregor Horvat

On the 4h chart of USDJPY we are observing a nice sharp impulsive development taking place, with price now ideally trading in an unfolding wave 4. We think that correction in wave 4 may be underway, because of the previous minor five wave development that had unfolded in black wave 3. As we know after every five waves, a three wave contra trend follows so in our case, this contra trend could be wave 4, with a possible support seen around the 110.75 level. more…

Elliott Wave Analysis On NZDUSD And GOLD

Gregor Horvat

NZDUSD has completed five waves lower from the red wave C) label around the 0.7402 mark and is currently in a bullish retracement process namely close to completing red wave A. Later, we expect three sub-waves to unfold within wave B) and a final push higher within final wave C) of this three waves. The whole correction will then find a probable region of resistance and a turning point lower around the 0.7176 area, from where bears may take over. more…

Elliott Wave Analysis On EURUSD And Crude OIL

Gregor Horvat

EURUSD is at the lows, so we are now even more confident that pair is making an extended wave three down from 1.0925. We see blue wave three already making a fifth sub-wave to the downside and that is why we need to be aware of a new short-term recovery that can show up. We are talking about blue wave four that can be very interesting to join the downtrend from around 1.0770/90 while price at 1.0864 is not breached. more…

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. more…

Elliott Wave Analysis On Copper And The AUDUSD; More Weakness Could Be In For BOTH

Gregor Horvat

Copper is under bearish pressure for the last few weeks, currently testing an important support line connected from December 2015 low, which can be broken if we consider that A-B-C-D-E triangle can be finished. If that’s the case then current decline down from 2.2200 will be an impulsive leg, first wave as part of a bigger impulsive bearish cycle that will take price below 2015 levels. We expect a breakout while 2.1488 remains in place. more…

Elliott Wave Analysis On USDJPY And USDCHF

Gregor Horvat

FX market is moving sideways, with a corrective price move shown on some several USD pairs, so USDJPY can be in a similar position. As we see on the chart, price structure from the last few days looks very tight, meaning it can still be trading corrective within wave four as part of an uptrend. Ideally this correction is a running triangle, that is pointing up into wave v of C towards the 105.00 projected area, while 102.77 support is not breached. more…