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The USD found some buyers in the overnight session with mixed signals across the board. On GPBUSD, EURUSD and USDJPY pullbacks can be corrective and temporary, while on commodity pairs such as AUDUSD, USDCAD we see a nice impulsive reaction that will drive USD higher.

On AUDUSD we can see a broken channel line and a nice impulse down which is the first important evidence for a completed wave C at the latest high. However, I would love to see more weakness towards the 0.7710 termination point of wave B before we can fully turn bearish on the pair. In that case, I will consider shorts against the high.

Elliott Wave Analysis – AUDUSD 15min

AUDUSD Elliott Wave Technical analysis June 19 2015 forex trading outlook

On USDCAD we are also tracking a bullish pattern, but with a sideways move on crude oil and even a bullish pattern on energy, we should not be surprised if USDCAD will retest 1.2120 area. I guess we will have to wait on CAD CPI and CAD Core Retail Sales figures for the final confirmation regarding the direction. That said, I would be looking for a bounce from beneath 1.2120 if we get there or turn directly bullish if the price rallies above 1.2344.

Elliott Wave Analysis – USDCAD 1h

USDCAD Elliott Wave Technical analysis June 19 2015 forex trading outlook

 

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