We have been tracking a potential reversal on AUDNZD and this looks to have happened so far. We have seen a nice impulse wave up in five waves, labeled as wave 1 and a corrective pullback which could be wave 2, possibly in final stages. We believe more upside could follow, but only after the upper corrective channel line is crossed.
Let's look at the USDCHF. The USDCHF seems to be unfolding as an expanded flat 3-3-5 pattern in the corrective pullback in wave 2) with still some room for lower levels. Support could be around 0.9700 area where we will look for signs of a reversal and wave 2) lows.
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