Aussie's impulsive rally

March 7, 2016 10:04 AM


A nice impulsive rally on the one hour chart of AUD/USD, from 0.71055 area towards 0.744 was made in five sub-waves. This suggests that blue wave iii-circled of a higher degree is now finished, and a correction may follow in wave iv-circled.

That said this pullback seems to be already in motion, ideally towards 0.73397 area, where previous wave iv) could serve as a reversal into higher levels.


AUD/USD - 1hr



GBP/USD also traced out an completed impulsive wave to the upside after posting temporary lows.

That said after a nice impulsive five wave structure in red wave A), a pullback is expected in wave B), ideally towards 1.39970-1.40324 area, where previous wave four of a lower degree could react as a turning point towards higher levels in wave C).


GBP/USD - 1hr

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: