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AUDUSD

Today we are tracking AUDUSD very closely after the recent decline back beneath 0.7243, where an overlap with wave (a) confirms the fact that a bounce to 0.7334 was corrective and that bears can be back in control. Ideally, the price will continue straight down into wave 3, towards the 0.7150 minimum, but we may see even 0.7000 next week.

AUDUSD, 1H

AUDUSD 1 (1)

AUDJPY

AUDJPY is also looking bearish, but we expect a bounce in stocks which could support USDJPY, so we will rather sticks with AUDUSD. However, on AUDJPY structure is also good and clean; a sharp impulse down followed by a bounce from around 87.30 that looks like a corrective wave. Ideally, the pair will turn down from around 89.50 in the sessions ahead.

AUDJPY, 4H

AUDJPY 4