Elliott Wave Analysis On GBPUSD And AUDUSD
GBPUSD is turning significantly lower today after earlier spike up to 138.2% Fibonacci extension level where market might have formed a top if we consider a very strong decline now back to 1.4600. We see clear bearish impulse coming after completed ending diagonal in wave 5 so more weakness is now expected, especially if we also consider broken upward channel. From a minimum perspective pair is going to make three waves of decline back to former wave four, to 1.4472.
AUDUSD is turning down sharply after the RBA cut rates to 1.75%. We see AUD one of the weakest today so we will stick with current bearish sentiment and look for more downside from here. We are tracking red wave 5) from 0.7718 towards 0.7440-0.7500 area.
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