Elliott Wave Analysis: EURJPY and AUDUSD View
Elliott Wave Analysis: EURJPY and AUDUSD View
EURJPY made a new intra-day drop lower, right into our Fibonacci projection zone for leg c of 4. Ideally will pair now search for a base near the mentioned Fibonacci zone and later make a new reversal higher. A later five-wave rally will indicate a completed wave 4 and wave 5 in progress.
EURJPY, 1H
AUDUSD can be trading in a potential correction of a bigger wave 2, with recently completed sub-wave a. Current choppy movement can now be the following wave b, that can search for limited downside near the 0.7930 region and later make a new bounce higher into the final leg c of 2, with potential top coming in at Fibonacci ratio of 50.0 or 61.8. But if price continues strongly to the downside and breaches below the 0.7908 level, then we could say that wave 2 is already completed.
AUDUSD, 1H
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