Elliott Wave Analysis For AUDUSD and EURUSD Intraday
AUDUSD has extended its weakness in the last few sessions from 0.8894 where we labeled end of a fourth wave, meaning that current leg down is wave five, possibly finished as we can count five subwaves into 0.8750 level. As such, be aware of a bounce, a larger one once upper channel line gives way.
AUDUSD 1h Elliott Wave Analysis
EURUSD is down following the US GDP figures, but current leg is still not looking very strong so it can be wave b as part of an incomplete wave iv) that can retrace up to 1.2780, for 38.2% before market could finally break down into fifth wave. But we however expect to see new lows as long as 1.2824 level is in place.
EURUSD 1h Elliott Wave Analysis