The USD is down today, making an extended loss against the EUR which looks now more and more impulsive to the upside after another 100 pip gain this morning as the DAX turns back to May’s lows. However, despite some significant EUR strength against the buck we do not see the same on other USD pairs. What we see are corrective formations, but those suggest some more weakness in the sessions ahead for sure.
On AUDUSD, prices have recovered in five waves so we see a bullish three wave move in progress. For now that’s not done yet, so the current downward retracement is likely wave B that can be near completion around 0.7700 so keep an eye on a wave C rally back to the highs, possibly even up to 0.7900.
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