Good day traders,
USDCNH and AUDUSD can be in negative correlation; USDCNH can be trading in a sharp decline, our of a possible Elliott Wave triangle within former b, towards possible support/bullish reversal at 7.04/7.02 zone. At the same time, we see price on aussie recovering, ideally unfolding a minor leg c of wave Y, which can look for resistance/bearish turn at the 0.622/0.630 area.
Once wave c on USDCNH fully develops, and we see a recovery in ideally five legs, that is when AUDUSD can start turning to the downside. Here as well we like to see a drop in impulsive fashion, below the 0.5869 level.
USD/CNH and AUD/USD, 1h
Trade well.
We realize that markets are very volatile and unstable these days. That is why we decided to give out a Special Discount to New and OLD members; Save 50% on Any FX or Digital Package. Visit EW-Forecast.
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
EUR/USD consolidates recovery gains above 1.0650
EUR/USD stays in a consolidation phase following Wednesday's rebound and trades in a narrow range above 1.0650. The improving risk mood doesn't allow the US Dollar to gather strength as markets await mid-tier data releases.
GBP/USD clings to moderate gains above 1.2450
GBP/USD is clinging to recovery gains above 1.2450 in European trading on Thursday. The pair stays supported by a sustained US Dollar weakness alongside retreating US Treasury bond yields. Fed policymakers will speak later in the day.
Gold shines amid fears of fresh escalation in Middle East tensions
Gold trades in positive territory near $2,380 on Thursday after posting losses on Wednesday. The precious metal holds gains amid fears over tensions in the Middle East further escalating, with Israel responding to Iran's attack over the weekend.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.