Aussie appears to be taking back the leading role in risk-on rallies now. After some hesitation, GBP/AUD finally breaks through 1.7787 support decisively, indicating completion of corrective rebound from 1.7412 at 1.0821. The cross is possibly now resuming the down trend from 2.0840. Further fall should be seen back to 1.7412 low and then 61.8% projection of 1.8523 to 1.7412 from 1.8021 at 1.7334. Reactions from this projection level will reveal underlying downside momentum for acceleration.
AUD/CAD’s breach of 0.9988 temporary top suggests that consolidation has completed, and up trend is resuming. Further rise is expected as long as 0.9936 minor support holds. Up trend from 0.8058 should target 61.8% projection of 0.9247 to 0.9898 from 0.9713 at 1.0115.
