Elliott wave Analysis: USDCAD and AUDUSD Update
USDCAD is turning down from 1.2900 area as expected after a completed five sub-waves up within an extended wave three, therefore a new three wave set-back is now in play for wave four which can retrace even below 1.2800.
Aussie is very weak for the last week or so, showing an impulsive quality from April high, so we are wondering about short-term recovery, especially if we also consider divergence on the RSI.
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