Elliott wave Analysis: AUDNZD and GBPUSD Updates
AUDNZD was unclear and complex the last few days, but currently we see a very interesting corrective a-b-c structure in which wave c might have completed an EW ending diagonal. If we get a bounce with five waves and if pair breaks above 1.0654 level, then AUDNZD could be back in bullish mode.
GBPUSD is currently unfolding a sharp and strong movement within final wave 5, which looks to be extended. We can see that price broke above the 1.4244 mark, which means that a new high is now in place, however bulls may slowly start to slow down as we see some possible resistance levels come into play. We are talking about Fibonacci ratios of 61.8 and 138.2-161.8, which can offer a turning point lower.
An Elliott wave ending diagonal is a five-wave overlapping movement, which can cause a sharp and strong turn in the opposite direction. It has a 3-3-3-3-3 structure. It usually appears primarily in the fifth wave position, in the C wave position of A-B- C and in double or triple threes as the final “C” wave.
Elliott wave ending diagonal:
Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.
Find more: Contributing Authors