Elliott Wave Analysis On GBPUSD And AUDUSD
GBPUSD
GBPUSD is turning higher for the last few days, now already 500 pips from the low, so we are wondering if maybe pair found a bottom. Well, it may be too soon for any bullish call, but leg from 1.2800 can be impulsive if price moves above 1.3350 area. That would then signal for an important turning point into a bigger corrective rally with three waves minimum. Corrective bounce is also expected based on a daily chart.
GBPUSD, 4H
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AUDUSD
Aussie is trading higher, currently around June highs and near 78.6% Fibonacci retracement level where market can be looking for a top this week. As such, we adjusted the wave count, but still looking at rally from end of May as a temporary recovery. The wave count shows an A)-B)-C) advance now headed up to 78.6% Fibonacci resistance area, where we will look for evidence of a bearish turn, which can be confirmed only after price makes five waves down, back to around 0.7500.
AUDUSD, 4H
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