AUDUSD

AUDUSD is trading at a new high as expected after a completed corrective structure in B)-wave which was a flat and not a triangle. The reason is current slow price action above 0.7700 that looks like small intraday corrective pause, so ideally it's wave 4 of a five wave structure in wave C). That said, another but maybe final leg up can be coming towards 0.7740, from where market may turn bearish.

AUDUSD, 1h

GBPJPY

When we are tracking a corrective set-back of a wave two we normally want to see a retracement for at least 38.2% compared to wave one. So far that's not the case yet on GBPJPY so we can expect lower levels in the near-term, especially if we also consider that wave four of a lower degree usually represents an important swing level.

GBPJPY, 1h

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