GBP/AUD And EUR/AUD Elliott Wave Analysis: Be Aware Of Reversal Down

By Gregor Horvat
Wednesday, September 15, 2021 9:19 AM EST

GBP/AUD is in a recovery mode, it retraced for 61% compared to the previous drop from above 2.000. But notice that structure is in three legs so ideally, that's an A-B-C contra-trend move that can be pointing lower now, especially if the current drop out of a bullish channel will extend beneath 1.8250 where overlap with A would invalidate any bullish impulsive interpretations.

GBP/AUD Daily Elliott Wave Analysis Chart

GBPUSD Elliott Wave

EUR/AUD is finally turning down after we noticed a complex 7-swing corrective rally, so after recently broken channel support line, seems like bears are back in the game and we can expect more downside pressure in upcoming days/weeks.

EUR/AUD Daily Elliott Wave Analysis Chart

EURAUD Elliott wave

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

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William K. • 3 years ago • Member's comment
Predicting the future of stock price based on previous pricing is certainly an interesting concept. An explanation of the analysis process would be very interesting, although I suspect it is very proprietary. An examination of the track record would be quite educational.