Elliott Wave Analysis For USDCAD and AUDUSD Intraday
The USD is once again showing some strength, but not against all currencies. The weakest are commodity currencies, such as AUD and CAD, while the EUR and GBP are mostly sideways today against the buck. The reason for some move down can be in weak crude oil prices and also gold from the past few sessions.
On USDCAD we have seen a spike down on Friday after better than expected CAD CPI data. Pair however quickly found a support and is now trading higher, away from 1.0885. In fact, we can see a broken downward channel as well as higher swing low at 1.0923 which means that rally for USD can be back in play, maybe even with wave iii) going towards 1.1070. A daily close around or above 1.1000 will suggest more gains in sessions ahead. We will look for different count only if 1.0923 gives way.
USDCAD 1h Elliott Wave Analysis
On AUDUSD we are also observing bullish count for the buck. We are looking at impulsive downward price action in wave iii). If we are correct, then leg from 0.9000 must unfold in five waves. If we get those, then new opportunity for this week can be shorts after red wave iv).
AUDUSD 1H Elliott Wave Analysis