Elliott Wave Analysis On GBPUSD And AUDUSD

Gregor Horvat

able is not showing us any clear and strong bearish waves yet, so market can still be in intraday consolidation phase. We are looking at an expanded flat in wave 2) which may look for resistance after wave C, near 1.4540-1.4570 area. If from any reason price will decline sharply to 1.4300 then this could be considered as wave three in progress. But anyhow, we think that sooner or later cable will fall to much lower levels while it trades beneath 1.4769.

GBPUSD Hourly Chart

GBPUSD Hourly Chart

AUDUSD is at new low as expected, now in a fifth wave of decline of an extended red wave 3) that can be in final stages. However, bearish sentiment is very strong here on Aussie, pressured down by metals, so we would not be surprised to see further weakness towards our Fibonacci projection levels at 0.7230-0.7270 area.

AUDUSD Hourly Chart

AUDUSD Hourly Chart

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