Daily Analysis from EW-Forecast | AUDUSD / USDCAD | 10 of January
Elliott Wave Analysis: AUDUSD and USDCAD
AUDUSD made a nice reversal last month from the 0.7525 level, clearly with an impulsive price move which is an important structure for a bearish trend. As such, we think this trend may continue after a three wave bounce up into wave two which in fact can be now in final stages with current wave C) that may look for a top at 50-61.8% Fibonacci resistance area.
USDCAD is turning down sharply from a new high that was reached at the end of December near 1.3600. Price fell nicely beneath 1.3400 and continued towards the 1.3170 level, where recent bounce suggest wave 1) or A) being finished. If that is the case, then current intraday bounce could be the start of a higher degree correction that may unfold in red wave 2) or B) in days to follow.
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11 January, 2017 10:00
← Fundamental Analysis | EURUSD / GBPUSD | 11 of January
On Tuesday, the European currency was unable to continue the upward movement, and after publication of results on the French Industrial Production (2,2% in November), the euro fell by 20 points. Secondary data in the US have released better than expected. NFIB Small Business Optimism in December rose from 98.4 to 105.8.
10 January, 2017 12:00
Daily Analysis | AUDUSD | 10 of January →
With a giant inverted head and shoulders pattern on the AN pair on Daily/Weekly TF, this bullish move is strengthened by fundamental analysis too. Given President Elect Trump has plans to rebuild the USA, this had lead to bullish moves on base metals and this is good for the AUD.
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