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Elliott Wave Analysis: AUDUSD and SP500

AUDUSD

Aussie is finally breaking lower, now in sharp decline through 0.7600 which looks like a third wave in the middle of an impulsive bearish trend. As such, we think that there is room for more weakness in sessions ahead, down to 0.7500 for a black wave 3, while market stays below 0.7637.

AUDUSD, 1h

AUD/USD 1-Hour Chart


S&P500

E-mini S&P500 is in a corrective retracement, ideally wave four which already has three subwaves from the high but there is room for a fall to 2385 from where uptrend can resume during the US hours.

S&P500, 1h

S&P500 1-Hour Chart

 


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