From a USD bearish perspective, we still see GBPUSD as a good pair for a move to the upside within the recovery from last week.
The current decline can be wave 4, but the price still didn’t reach 38.2% so we are looking at possibility of a double zigzag with another leg down to around 1.5650 before the price can finally turn higher.
Elliott Wave Analysis – GBPUSD 1h
AUDUSD is trying to recover after yesterday’s reversal with a spike from 0.7678 where the pair accomplished a five wave decline from 0.7848 but with a leading diagonal.
A leading diagonal is a valid formation; it’s a motive wave that also confirms the direction of a trend. In our case that means down, so the current rally is expected to slow down around 0.7780-0.7800 resistance.
Elliott Wave Analysis – AUDUSD 1h
