Elliott Wave Analysis: AUDUSD and EURGBP Looking For More Weakness
|Good monring traders!
Aussie has been in bearish trend this week, but because of overlapping price action we suspect that breakdown may not occur just yet. But it's still a five wave decline as a leading diagonal, so be aware of a three wave rise before downtrend may resume; ideally next week from 0.8040 zone.
AUDUSD, 1H
EURGBP is at the lows after a new sharp wave down yesterday from 0.9090 which we see it as a fifth wave within extended black wave iii. We also see pair trading at some Fibonacci levels where downside can be limited for a short period of time, as we think that wave iv bounce may follow soon.
EURGBP, 1H
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