Elliott wave Analysis: EURUSD and GBPAUD Update

Hello traders and welcome back to the US session! As expected, EURUSD turned lower after a five-wave rally, so we can expect now a three-wave a-b-c correction, ideally back to around 61,8% Fibo. retracement and 1.15 support area, where a correction may come to an end.

EURUSD, 1h

As expected, GBPAUD is moving lower within a deeper three-wave a-b-c correction of wave 4, which can be approaching the end soon, here around ideal 38,2% Fibo. retracement, previous wave 3) swing high and previous wave iv at that base channel resistance line that can act as a support between 1.8460 – 1.8400 support area. So, watch out for a bounce at projected area, just keep in mind that we need a five-wave impulsive rally to confirm a completed correction.

GBPAUD, 1h


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