AUDUSD is slow for the last week or so, so we see a corrective rally from June 2nd still in play. Ideally a three wave decline will reach the 0.7850.0.7900 resistance area where a strong sell-off could occur after a completed expanding wedge in wave C.
An even more sideways price action in the current range could also be a triangle for wave B but we would still be looking for higher wave C later this week before the Aussie turns down.
AUDUSD 1h Elliott Wave Analysis
The UK Â released UK CPI at 0.1% and a very bad PPI input at -0.9% and that caused some weakness on GBPUSD. Technically speaking we expect more downside as the rally in wave C can be finished with five subwaves.
However, having fallen below the swing lows and the bearish daily close can confirm a turning point. SO make sure to keep an eye on a break of 1.5487 before we may look much lower on cable.
GBPUSD 1h Elliott Wave Analysis
