Sunday, April 30, 2017

#AUDJPY 4 HR Elliott Wave Update

#AUDJPY 4 HR Elliott Wave Update

Trade Thoughts:  Long against 81.48

Target: 87.00





The AUDJPY looks to have finished the a wave down and working on the b wave up toward the 87.00 area.  There is resistance in the 85.84 area but I think price will push past that briefly to fill in the open area shown on the chart.

Although I have the circle B marked as complete a gap fill is not out of the question.  The marked low could be the a leg with b up in progress and a c leg down would fill the gap.

AUDJPY 4 HR Elliott Wave Chart

AUDJPY 4 HR Elliott Wave Chart
AUDJPY 4 HR Elliott Wave Chart


#AUDUSD 4 HR Elliott Wave Update

#AUDUSD 4 HR Elliott Wave Update

Trade Thoughts:  Still looking lower against .7584.

Targets:  Wave III target will be just below the .7300 level and possibly .7200.  Longer term target are closer to .6000.




The AUDUSD continues to fall and make lower lows and lower highs but is not picking up speed.  For the series if nested 1-2's to stay intact price must stay below .7584.  Above .7584 and the count is invalid. 

Note the formation of a falling wedge shown by the grey dotted lines.  If this formation complete then we could have a leading diagonal 1 or A and a bounce toward .7700 is possible for wave 2 or B.

     
AUDUSD 4 HR Elliott Wave Count.

AUDUSD 4 HR Elliott Wave Count.
AUDUSD 4 HR Elliott Wave Count.