Elliott wave Analysis: EURAUD and GBPAUD Update
EURAUD still looks corrective in wave 4) here. Why? Base channel support line acts as a resistance, also ideal resistance around previous wave iv and ideal 38,2% Fibo. retracement. The only thing is that corrective rally looks too sharp, so only if we get five subwaves away from projected resistance, only then we can expect a decline into new lows.
GBPAUD can be a similar story like EURAUD. We are tracking a three-wave a-b-c flat correction in wave 4 which may have already be completed, so while price is trading below 1.7820 invalidation area, we remain bearish towards new lows for wave 5.
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