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GBPUSD is moving higher in a sharp manner after UK CPI came out above expectations. On cable we see a completed flat correction at 1.5560 so new highs should follow as the current upward reaction looks impulsive. We see room for a rally up to around 1.5720-1.5740 area for wave C.  

GBPUSD 1h Elliott Wave Analysis

GBPUSD Elliott Wave analysis August 18 2015 technical forex trading

 

EURAUD bounces nicely this morning, now breaking out of a corrective channel that suggests a completed wave (4) at recent low. I could be looking for new longs soon, but want to see 1.5142 broken. Then we will keep an eye on wave 2).

EURAUD 1h Elliott Wave Analysis

EURAUD Elliott Wave analysis August 18 2015 technical forex trading