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We can see a mixed picture on the markets today; USD is up against AUD, JPY and GBP, but sideways against the EUR while gold is down and S&P futures remain unchanged.  The main focus today is on AUD, which is moving lower across the board as the RBA leaves the door firmly open for further rate cuts.

From a technical perspective, we see a nice structure that could be good for shorts in the next 24 hours. We can see a three wave rise from the lows followed by a recent sharp intra-day downward reaction that could be start of a new bearish cycle.

However, we want to see further weakness during the days, towards the lower side of a trading channel. In such a case, we would focus on wave 2 pull-back or shorts.

AUD USD Elliott Wave Analysis June 4 2013 technical outlook for currency trading the Australian dollar