It does not matter much if it's wave 1 or wave A, but when you have five waves from the low you know that something is changing and that market will move in current direction in minimum three legs. Well, rally from AUDUSD from 0.85377 is in five waves and overlapping; it was a leading diagonal that puts low in place for Aussie. As such, be aware of more gains after wave 2/B retracement. There is also a gap from Nov 2nd, 60 pips higher, that could act as a resistance in current wave 1/A.

AUDUSD 1h Elliott Wave Analysis

GBPUSD is at the lows, now in fifth wave of an impulsive decline from 1.5939 so pair could look for a temporary support and bounce in three legs in the next few sessions, especially if we consider that wave v) must not be longer than wave iiii). Notice that wave i) was extended. So ideally we will get a bounce ahead of 1.5701.

GBPUSD 1h Elliott Wave Analysis

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