AUDJPY 1 Hour Elliott Wave Analysis 7.22.2014

AUDJPY pair is showing 5 swings down from 96.50 – 94.41. Preferred Elliott Wave view suggests that drop from 96.50 – 94.72 completed wave A and pair has been doing an Elliott Wave FLAT correction since then. 94.72 – 95.51 was wave (( a )), new lows to 94.41 was wave (( b )) and wave (( c )) is in progress. Wave (( c )) is taking the form of an Ending Diagonal and needs another push higher to complete. 1.618 x (( a )) ext comes at 95.74 and would be the ideal level to complete wave B and decline should then resume for new lows below 94.41. We don’t like buying the pair in proposed push higher and favor an extension lower as far as 96.50 high remains in place due to pair showing 5 swings down from there.

If pair fails to make another push higher to complete wave (( c )) Ending Diagonal and drops from current levels, we can put wave A @ 94.41 and label a simple 3 wave correction in wave B. Either way, 96.51 is the key level and is it holds, an extension lower in the pair is favored.

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