Euro and Aussie may fall against dollar and yen in May

I guess my previous post about AUDJPY gave a little shake to the readers as I could see from the number of visitors to this blog. Well, there is nothing to be guaranteed in the market, so only the time will tell.

Now back to my regular AUDUSD and EURUSD on a shorter term.

My last trade on AUDUSD was a loss and I had to recount the Elliott wave. And I am getting more and more convinced that AUDUSD is about to peak out. Each leg of blue underlined 1-2-3-4 can be broken down as A-B-C waves, and the price of blue underlined 1 is higher than blue underlined 4.  (correction: Sorry, this is not true) This makes the current move up as ending diagonal, and it is a market reversal sign. Right now I am debating whether I should play a long position towards the very top since there will be a few hundred pips to go. It’s a bit risky, so I would keep my position size small even if I will end up trading it. I will wait until purple .B to be marked before setting any buy order.

EURUSD has been cooperating to my last analysis. As I wrote there already, I am patiently waiting for blue underlined B to end, and will enter a short position on blue underlined c wave.

For both AUDUSD and EURUSD cases, the Elliott wave is telling me that the price will go down from early May with possibly with accelerations. So expect me to increase the position size in May!

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