Elliott Wave Forecast Team
ElliottWave-Forecast.com
Traders paid a lot of attention to AUD during the Asian session after the RBA statement. Cash rate was unchanged at 2.5%, but AUD sold off after the comments that AUD is still uncomfortably high and that lower value is likely to be needed for economy. However recent sell-off on AUDUSD is already covered, but technically speaking we see pair moving sideways so we think that we have a deal with a larger correction, maybe a triangle that could be now in final stages. Ideally we will see three wave rally up in E which would be nice for shorts in the next 24-48 hours.
AUDUSD 1h
Yesterday we were also tracking EURUSD which has reversed perfectly lower at the end of the US session from 1.3560 where we highlighted a resistance for fourth wave. We have seen a new low which is ideally a fifth wave of decline from 1.3620. If that is the case then we know that any three wave rally from latest low is temporary. At the moment we have only wave a) up, so we need waves b) and c) before we may look straight down and consider any shorts. 1.3570-1.3590 is ideal resistance current bounce, while 1.3620 is invalidation level.
EURUSD 1h
AUDUSD 1h
Yesterday we were also tracking EURUSD which has reversed perfectly lower at the end of the US session from 1.3560 where we highlighted a resistance for fourth wave. We have seen a new low which is ideally a fifth wave of decline from 1.3620. If that is the case then we know that any three wave rally from latest low is temporary. At the moment we have only wave a) up, so we need waves b) and c) before we may look straight down and consider any shorts. 1.3570-1.3590 is ideal resistance current bounce, while 1.3620 is invalidation level.
EURUSD 1h
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