Commodity currencies are falling sharply while EUR, GBP and CHF are showing some evidence of finding support. We in fact were expecting such a scenario as EURUSD was setting up for a corrective rally while AUDUSD was looking bearish for wave C/3. We see the Aussie in sharp fall that may extend to the 0.9000 psychological level in days ahead.
On the 1h chart of AUDUSD we are tracking an impulse down with wave iii) now in action and that should be made by five waves, so a decline can extend to 0.9040 in the sessions ahead. 0.9184 is short-term invalidation level, that can also be a stop level for any short set-up in upcoming wave iv.
AUDUSD 1h Elliott Wave Analysis
GBPUSD is showing a slightly different structure than EUR. We see wave 3) going even lower as the latest slow price action above 1.6030 looks corrective, so ideally we will see test of 1.600 and then a bounce in price for a larger corrective fourth wave.
GBPUSD 1h Elliott Wave Analysis
