Elliott Wave Analysis: AUDUSD and EURGBP Looking For More Weakness

Gregor Horvat Wavetraders

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

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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