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GBPUSD

GBPUSD is at the highs of the week following a nice turn up yesterday when the price found a support at 1.4117; slightly beneath our first support marked at 1.4130. So far, this leg up appears to be very strong so we think that wave B is finished and that the price is underway to the 1.4400 area, where we also see an open gap from Feb 22nd. These gaps, very rarely, stay open so be aware of more upside in the next few sessions, but after the gap is filled a bearish turn may come in play.

GBPUSD, 4H

gbpusd 4

AUDUSD

AUDUSD keeps moving higher probably in impulsive fashion if we consider a strong rally from 0.7107. It also looks like an extended wave which typically occurs in the middle of a five wave move, so we suspect it’s wave 3 of three. At the same time we can see that the price hit 261.8% Fibonacci extension level of wave 2 which is very common projected ratio for wave 3. That said, we think that the Aussie can rise even more in the days ahead, but after a pullback which can be underway down into a black wave 4 that can be looking for a support near 0.7350-0.7400.

AUDUSD, 4H

AUDUSD 4