Elliott Wave Analysis: AUDUSD and GBPUSD
Elliott Wave Analysis: AUDUSD and GBPUSD
The USD is in bullish mode, now also against commodity currencies. We see a nice breakdown on AUDUSD following RBA rate decision. The following chart shows us a nice impulse to be in motion, from around the 0.7679 region, where wave 2) seems to have found a top. That said, specifically we see price trading in sub-wave v) of three, that may find some support around the 0.7545 region and make a new temporary reversal into the following wave four.
AUDUSD, 1H
Cable is also turning nicely down as expected, after a completed a-b-c bounce at the upper line of a corrective channel. We have a seen a break below that channel yesterday at the end of the US session which makes a room for a new leg down, below 1.2380.
GBPUSD, 1H
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