Elliott Wave Analysis On GBPAUD And CADJPY
GBPAUD
GBPAUD is in the process of an unfolding corrective pullback after a nice three waves of a higher degree to the upside. This pullback should mark the fourth wave and afterwards a possible continuation into wave 5). Support for the unfolding wave 4) may ideally be around 2.000 level, where formal wave 4 can react as a turning point higher.
GBPAUD, 4H
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CADJPY
On the Daily chart of CADJPY we are observing an idea of a possible new bearish cycle taking place, after a sharp fall was made labeled as blue wave 1. This three wave move up we see as a corrective retracement in the A)-B) and C ) manner with possible reversal zones around 86.99-86.450, where Fibonacci of 61.8 can act as turning point and a resistance lower.
CADJPY, 4H
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