AUD/USD

A nice impulsive rally on the one hour chart of AUD/USD, from 0.71055 area towards 0.744 was made in five sub-waves. This suggests that blue wave iii-circled of a higher degree is now finished, and a correction may follow in wave iv-circled.

That said this pullback seems to be already in motion, ideally towards 0.73397 area, where previous wave iv) could serve as a reversal into higher levels.

AUD/USD - 1hr

GBP/USD

GBP/USD also traced out an completed impulsive wave to the upside after posting temporary lows.

That said after a nice impulsive five wave structure in red wave A), a pullback is expected in wave B), ideally towards 1.39970-1.40324 area, where previous wave four of a lower degree could react as a turning point towards higher levels in wave C).

GBP/USD - 1hr