Based on the latest price action, we assume that the USD could move higher soon, especially against the commodity currencies after a strong recent downturn in AUD/USD and an upwards move in USD/CAD.
However, the big question is still what is going on EURUSD?! Well, an incomplete correction from the March low is still a valid count, but for now we will focus on short-term waves that are pointing to 1.0100, no matter if it is going to be wave (c) or wave (iii). The reason for short-term bullish look is a five wave move up from around 1.0800 on Friday.
EURUSD 1h Elliott Wave Analysis
As you will know, our big trends for the buck suggest a stronger USD ahead, so our attention will be on Long USD positions. We are already tracking a few pairs, such as AUDUSD, USDCAD and USDJPY.
On AUDUSD there is possibility to count a downside reversal in an impulsive manner, but we need five down to confirm that structure. In that case, I would be interested in shorts in upcoming wave two.
AUDUSD 1h Elliott Wave Analysis
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