EUR/USD & AUD/USD Elliott Wave Cycles Approaching Support

As per Elliott Wave analysis, EURUSD is coming down into wave 5 which is breaking now beneath March levels, so pair is moving closer to our projection levels for a fifth wave at 1.16-1.1650 area, where pair may find some support. But even if this will be a temporary support a rally should occur in three waves minimum

EURUSD 4h Elliott Wave Analysis Chart

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AUDUSD is in downtrend now falling sharply within wave 5) towards our projection targets near 0.7150. For now bears are strong so it would be too soon to look for any bottom formation. Even if we are tracking a fifth wave here, you never know how extended fifth wave can be, so it’s important to be patient and wait on confirmation before turning to the other side of a trend. In our case we need five waves up back into a triangle area which is expected anyhow based on EW guidelines as move out of a triangles are final in a sequence

AUDUSD Elliott Wave Analysis Chart

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