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We see that the USD keeps moving higher across the board. AUDUSD reached new lows during the Asian session, while GBPUSD just fell to 1.6160 once again after worse than expected UK Sep Manufacturing PMI figures.

Our attention in the days ahead will be on EURUSD where we expect a corrective rally in sessions ahead, but from a new low. We are waiting on a completion of wave v) of (iii) that could happen around 1.2550. Then, we will ideally get a pullback in fourth wave back to 1.2660-1.2700 area before the downtrend resumes.

EURUSD October Elliott Wave Analysis technical view for currency trading forex

EURUSD 1h Elliott Wave Analysis

On AUDUSD, the price fell to a new low after worse than expected retail sales figures that has been technically expected as we were looking for a move down into wave v) of (iii). There is room for even lower levels, to 0.8620 but keep in mind that the price is in the final stages of an impulse, so sooner or later a bounce will follow in corrective manner.

AUDUSD 1h Elliott Wave Analysis

AUDUSD October Elliott Wave Analysis technical view for currency trading forex