Elliott Wave Analysis: AUDUSD and GBPUSD
Aussie is on the rise, now seen in wave five after recent triangle formation in wave four, so ideally pair is in final stages of current leg up from June 01. We are looking at two potential resistance levels where current bulls may slow down. First resistance is at 0.7530 and second at 0.7560.
Cable is turning down, so ideally pair accomplished a three wave recovery from 1.2770. If that is the case then we know that pair can be underway down to a new low, especially once wave B) swing low is broken. I was considering to look for trades on that one, but with UK elections on Thursday, not sure if we will get any breakout yet.
Chech our new Elliott wave video about EURUSD at https://www.youtube.com/watch?v=Nxx_Qxbqnj0&feature=youtu.be
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