Elliott Morning Hour: AUDUSD, USDJPY and S&P

by Admin

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Stock in Asia and US were higher in the last session with a new high on S&P500, printed around 1530. EUR also found the support in this week after good ZEW numbers from Germany, up 48.2 this month, from 31.5 in the prior month. Meanwhile the USD was trading lower, but not against CAD and GBP which are one of the weakest lately.

We have the count of the S&P futures here where we can see a sharp rise from 1510 which we think it’s impulse in progress. However, wave iii is testing some important Fibo levels around 1530 after minor five waves up from 1514 so be aware of a fourth wave pull-back in the next two sessions.

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AUDUSD is also in a recovery mode, but larger trend on this pair is down since start of January so I suspect that current pull-back is just an A-B-C bounce. As such I will be looking for evidence of a completed wave C around 1.0400 or maybe around 1.0430 resistance. This pair could be very interesting for short opportunities in the next 24-48 hours.

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USDJPY is also looking interesting, now in final stages of a triangle (check the 4h count for bigger picture). Reversal from 94.20 is looking clearly corrective so I see possibility of another break higher on this pair. Key bounce/support zone comes in at 93.00 followed by 92.70, while break of 93.80 should open door for higher levels. This looks good for JPY-crosses as well. I will post some XXX/JPY later today.

Trade well,  Grega

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