EURAUD Elliott Wave View: Reaching Support Zone

Elliott Wave Forecast Team ElliottWave-Forecast.com

EURAUD short-term Elliott wave view suggests that the rally to 1.6353 high ended intermediate wave (1) higher. The internals of that degree unfolded as impulse structure with lesser degree cycles showing the sub-division of 5 waves structure. Below from 1.6353 high, the pair is doing an intermediate wave (2) pullback in 3, 7 or 11 swings before upside renew. We don’t like selling the pair as the right side tag favoring more upside.

Down from 1.6353, the pair is doing a 3 wave pullback with lesser degree cycles showing the sub-division of 5-3-5 structure thus favored it to be doing a zigzag correction. The initial decline to 1.6282 low ended Minor wave ((i)), Minor wave ((ii)) bounce ended at 1.6339. Minute wave ((iii)) ended at 1.6152 & Minute wave ((iv)) ended at 1.6192 high. Then finally a move lower to 1.6136 low ended Minute wave ((v)) & also the Minor wave A.

Up from there, the bounce to 1.6332 high ended Minor wave B bounce in lesser degree zigzag correction where Minute wave ((a)) ended at 1.6285. Minute wave ((b)) ended at 1.6226 and Minute wave ((c)) of B 1.6332 high. Near-term focus remains towards 1.6107-1.5969 100%-161.8% Fibonacci extension area of A-B to complete Minor wave C lower in another 5 waves structure and should ideally complete intermediate wave (2) pullback as well. Afterwards, the pair is expected to find buyers looking for new highs or for 3 wave bounce at least.

EURAUD 1 Hour Elliott Wave Chart

Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.