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AUDUSD is in a downtrend, but possibly in a fifth wave of an extended black wave 3 as shown on the hourly chart, so room for current bearish waves can be limited. That said, we don’t think it’s a good time for any new shorts, but rather wait on a corrective bounce back to 0.7480 before a downtrend may resume once again. we see some nice support at 0.7300.

AUDUSD 1h – Elliott Wave Analysis

audusd july 16 2015 intra Elliott Wave Analysis technical trading

 

EUR is also having a very nice bearish structure against the pound with an impulsive price action in play since July 13th. Impulses are five wave patterns, so we expect more weakness after a bounce up in wave four that may occur in the next 24 hours. Ideally that will be wave four that will stop around the 0.7060 area where we could be interested in a short position.

EURGBP 1h – Elliott Wave Analysis

eurgbp 16 Elliott Wave Analysis technical trading