Elliott Wave Analysis on GBPUSD and AUDUSD

25 June 2016, 10:08
Sherif Hasan


As expected, GBPUSD is also trading lower since yesterday after the price completed a big corrective retracement labeled as wave IV and made a nice sharp turnaround lower from 1.5014. Because of a broken channel support line and a nice impulsive fall, we now think that wave V is underway and more weakness may occur towards 1.3000 region, where bears may slow down.



AUDUSD has made a nice sharp impulsive fall from 0.7646 region, where wave 2 completed a complex corrective pullback, known as a double zig-zag. For now, the price is testing the lower side of a corrective channel line, where the breakdown will signal for more weakness in days to come. We believe that the current drop labeled as wave 1) could face a temporary bounce higher from around 0.7280 wave B) support to send the price up into the corrective wave 2) pullback.


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