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Elliott Wave Analysis On AUDUSD And GBPUSD

AUDUSD

AUDUSD has three waves down so uptrend may continue soon as this is a structure of a corrective price action. However, based on the degree of a pullback in current wave 4, we see supports much lower. First one is at 0.7392 and second one at 0.7339, so we want to see a bounce from that area, which means that current correction can be deeper and even more complex than at first sight.

AUDUSD, 1H

AUDUSD 1-Hour Chart


GBPUSD

GBPUSD is trading higher after sharp leg down earlier to 1.4130 area, which was the first support marked on the chart that sent pair back to the upside. We see this downward pullback now completed so more gains are likely to come in session ahead. That said, price can continue towards 1.4400 area in session ahead. There is also gap in that region from Feb 22nd that needs to be filled.

GBPUSD, 1H

GBPUSD 1-Hour Chart

 


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