Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURAUD. As our members know EURAUD has incomplete bullish sequences in the cycle from the 04/17 low. Break of the 05/17 peak made the pair bullish against the 1.6043 low, calling for further strength. Consequently, we advised members to avoid selling the pair and keep on favouring the long side. In the following article, we’re going to explain the Elliott Wave Forecast and Trading Setup.
EURAUD 1 Hour Elliott Wave Analysis 6.18.2019
The pair is doing short term pull back against the 1.6043low. As of right now wave 2 red pull back looks incomplete. Pull back is unfolding as Zig Zag, when we are in (c) leg that is still missing equal legs area. So, we are calling for another term low toward ((a))-((b)) equal legs area that comes at 1.6258-1.6187 ( blue box- buying area) . At that area we like to be buyers for proposed rally or 3 wave bounce alternatively. Although we expect to see another leg down , we advise members to avoid selling against the main bullish trend. Strategy is waiting for mentioned area ( 1.6258-1.6187) to be reached, before entering long positions.
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least. As soon as the bounce reaches 50 fibs against the red high, we will make long positions risk free and let the profit run. You can learn more about ZIG ZAG Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
EURAUD 1 Hour Elliott Wave Analysis 6.25.2019
Buyers appeared right at the equal legs when Elliott Wave Zig Zag completed at 1.6259 low. We got expected rally from the blue box and as a result members who took long trades are now enjoying profits in risk free positions. As far as the price stays above 1.6259 low we can see more strength as proposed on the chart. However, we need to see break above 06/18 peak ( wave 1 red high) to confirm next leg up is in progress. Once we get proposed break, the pair should ideally provide us with new intraday long opportunities.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
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