Elliott wave Analysis: BTCUSD and AUDUSD Update 

intraday audusd

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Elliott wave Analysis: BTCUSD and AUDUSD Update

BTCUSD made a bullish reaction in five-waves from the lows, which is the first evidence of a completed higher degree correction and a suggestion that a bullish reversal is here. However, we know that after a five-wave rally, a temporary pullback will still follow, and in our case this can be corrective wave 2, with possible support near the 7800-7640 region. From there more gains can later be expected.

BTCUSD, 1H

intraday btcusd

AUDUSD is making a nice and clear impulsive drop from the highs, where we labelled end of wave b. That said, current drop can be final wave c, that is unfolding five minor waves, which can later see support and slow bearish price activity down around the 0.7670-0.7600 region. However before a base for blue wave c can be shown, we still need a temporary pullback to unfold labelled as minor wave iv), which can see possible resistance around the lower base channel line(0.7710-0.7730 region).

AUDUSD, 1H

intraday audusd

 

Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.

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By Gregor Horvat

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