AMZN starting to react from the blue box area

Elliott Wave Forecast Team ElliottWave-Forecast.com

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Amazon ticker symbol: AMZN. In which, the rally from 01 May 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

AMZN 1-hour Elliott Wave chart from 5.23.2023

Here’s the 1hr Elliott wave chart from the 5/23/2023 Post-Market update. In which, the rally from the 5/01/2023 low unfolded in an impulse sequence where wave 1 ended at $113.28 high. Then wave 2 pullback ended at $109.24 & made a rally higher in wave 3 towards $118.75 high. Down from there, the stock made a pullback in wave 4 while the internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $115.70 low. Wave ((b)) ended at $117.24 high and wave ((c)) managed to reach the blue box area at $113.82- $111.70 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

AMZN latest 1-hour Elliott Wave chart

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

GBP/USD nudges higher above 1.3350 despite Middle East turmoil

The GBP/USD pair rebounds to near 1.3385 during the Asian trading hours on Thursday. However, the potential upside for the major pair might be limited amid cooler-than-expected UK inflation data and escalating tensions in the Middle East. Traders will take more cues from the UK Retail Sales report, which is due later on Friday.

EUR/USD stabilizes near 1.1400 as markets focus on geopolitics

EUR/USD trades in a narrow channel at around 1.1400 on Wednesday. In the absence of high-impact data releases, escalating geopolitical tensions in the Middle East caps the pair's upside. On Thursday, the European Central Bank (ECB) will announce monetary policy decisions.

Gold is at a critical juncture as Middle East conflict widens

Gold snaps a four-day recovery early Thursday as widening Mideast conflict-led rallying Oil prices spur inflation fears. The US Dollar stays defensive amid potential USD/JPY sell-off, as ‘Yenternvention’ risks loom. Gold at a crossroads, awaiting Bear Cross confirmation on the daily chart, as RSI flirts with 50.

Australia unemployment rate set to steady at 4.4% in June, signaling strong job market

Australia will publish the June monthly employment report on Thursday at 01:30 GMT, and market participants expect a modest increase in job creation in the land Down Under. The Australian Bureau of Statistics is expected to announce that the country added 15K new jobs in the month, while the Unemployment Rate is forecast at 4.4%, unchanged from May.

Senate Republicans release updated CLARITY Act with new crypto ethics restrictions

Senate Republicans released an updated version of the Digital Asset Market CLARITY Act on Wednesday following briefing calls with stakeholders. The update adds a package of ethics restrictions targeting digital asset activities by public officials and their spouses. The revised legislation comes after negotiations between the White House and Republican senators Cynthia Lummis and Bernie Moreno.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.