Elliott Intraday Analysis On EURUSD And AUDUSD
Retail sales in the US came as the market has expected. EURUSD is still heading lower in the black wave 3. Substructure suggests that more weakness may now follow as red wave iv) found its resistance at 1.1240 area. Lower levels for the red wave v) could now be around 1.1150 area. After black wave 3 is completed, price may then make a reversal into a bigger three wave recovery in wave 4.
On the AUDUSD we are observing an idea of a flat correction taking part in red wave 2), after price completed a nice impulsive drop at 0.7358 level, labeled as wave 1). As we see on the chart, price already completed waves A and B, and could now already be making wave C, as recent bounce suggest that a temporary rally higher may be underway. Ideally pair will reach the area of a formal wave iv at 0.7418, where a possible turning point lower may happen.
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