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Elliott Wave Analysis on AUDUSD and GBPUSD

AUDUSD

An overlap with 1.6980 on AUDUSD confirms a three wave decline from 0.7045 down to 0.6920, which is a corrective structure. That said, we will continue to expect higher prices now in wave C). Most-likely pair will retest 0.7045 high, but then be aware of a possible turn down from a new high.

AUDUSD, 1H

AUDUSD 1-Hour Chart


GBPUSD

Traders, our GBPUSD is turning nicely to the upside, we see a three wave rally down completed after recent bounce from 1.4173 and out of the downward channel. Notice that pair also bounced from around 61.8% Fibonacci support level which is ideal for reversals. That said, we should be aware of higher prices ahead, especially as leg up from 1.4173 has an impulsive shape. We think that sooner or later price will be higher within wave C).

GBPUSD, 30 Min

GBPUSD 30-Minute Chart

 


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