A sharp bounce yesterday towards 1.1300 area suggests that the bulls can take EURUSD to higher levels and that the big wave C within ongoing triangle is still in play. We see a price action approaching 1.1375 swings sharply up so we assume the leg up since March 10th is going to be more complex and bigger. We see it as a zigzag that belongs to a complex correction in blue wave C-circled that can move even up to 1.1400-1.1500 area in the days ahead, where we would look for a bearish turn in April.
AUDUSD is turning up for the last 24 hours but we don’t think that the break into a new bullish impulse will happen so fast and easily. In fact we are tracking a corrective wave 4) of a higher degree so we assume that the pattern will be more complex but likely sideways and not so deep. Sideways price structures are triangles so ideally we will see A-B-C-D-E movement in 200 pip range in the next few days before market breaks higher, maybe early in April. But generally speaking we see the Aussie in bullish mode that sooner or later should continue to 0.7800.
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