- USD trades lower since last Friday.
- AUD/USD eyes higher as USD slides downside.
- Immediate resistance seems around 0.7379 level.
The USD keeps moving lower since Friday when speculators turned bearish on the buck as there is still some unclear situation regarding tapering. Technically, most of the markets moving as planed as risk-on resumes, but it seems that USD can see even more downside, especially after pullbacks. AUDUSD can be one very interesting pair if we consider that copper is also going turning bullish.
From an Elliott Wave analysis, AUDUSD is even higher, and it appears that we have a bottom formation after some nice impulsive intraday rally back to the previous wave 3) lows. It’s a minimum ongoing three wave recovery that will be expected to resume, possibly towards the termination level of a fourth wave to 0.7379. IN the meantime, any pullbacks can stop at 0.7219 support.
AUD/USD 4h Elliott Wave analysis chart