The markets are showing some mixed picture on the intra-day basis. Firstly the EURUSD was up but now trying to move lower in-line with other weak currencies such as AUD and CAD. We however think that pull-back on EURUSD is just another correction, also wave four but of a one larger degree. Elliott Wave Principle suggests that current weakness is a)-b)-c) retracement where looking for long opportunity will be good idea.
EURUSD 1h – Elliott Wave Analysis
Our focus is also on AUDUSD, where we are tracking an (a)-(b)-(c) retracement back to 0.9580/0.9600 support. If we get an impulsive rally in the next 24 hours then we could be looking for long opportunity.
AUDUSD 1h – Elliott Wave Analysis