AUDUSD & GBPUSD Could Now Be Looking For A Bearish Move

AUDUSD is slow for the last week or so, so we see a corrective rally from June 2nd still in play. Ideally a three wave decline will reach the 0.7850.0.7900 resistance area where a strong sell-off could occur after a completed expanding wedge in wave C.

An even more sideways price action in the current range could also be a triangle for wave B but we would still be looking for higher wave C later this week before the Aussie turns down.

AUDUSD 1h Elliott Wave Analysis

The UK released UK CPI at 0.1% and a very bad PPI input at -0.9% and that caused some weakness on GBPUSD. Technically speaking we expect more downside as the rally in wave C can be finished with five subwaves.

However, having fallen below the swing lows and the bearish daily close can confirm a turning point. SO make sure to keep an eye on a break of 1.5487 before we may look much lower on cable.

GBPUSD 1h Elliott Wave Analysis

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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