Written by www.ew-forecast.com
Markets are very calm ahead of UK GDP report and also ahead any new news from Jackson Hole regarding the QE tapering. EURUSD and GBPUSD are in tight range but as you know we trust technicals, where the wave count is pointing for stronger USD.
On EURUSD, we have five waves down in formation of a leading diagonal and now correction in progress that should form a top around 1.3370-1.3390. Bearish view very remains valid below 1.3451.
EURUSD 1h Elliott Wave Analysis
GBPUSD is showing very similar structure, impulse down and now corrective bounce is unfolding that should be made by three sub-waves. We see wave a), now triangle in wave b) so wave c) is expected to find top in 1.5620-1.5660 resistance area. Be aware of UK GDP report at 08:30GMT.
GBPUSD 30min Elliott Wave Analysis
On AUDUSD we are also tracking a corrective pull-back, but not sure if it’s already complete. Decline from latest 0.9040 swing is in three legs so it can be wave (x) of a complex wave 2. We see nice resistance at 0.9090.
AUDUSD 30min Elliott Wave Analysis
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