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AUDUSD keep its downward direction now close to the 1.618 projection of the 3 wave in the 3 wave of the larger degree. According to the count we see a possible pullback soon but just a corrective one in its nature before we resume lower levels.

Comments from the RBA from last night imply they are welcoming lower levels of AUD.

Elliott Wave Analysis – AUDUSD 1h

AUDUSD July 7 2015 Elliott Wave Analysis technical trading currencies foreign exchange

We have to change a bit our bullish count on USDCAD. It didn’t retrace in the wave 4 in a flat corrective move down yesterday. Instead we pushed up and now approaching the 1.618 levels which are usual levels where we can see corrective pullback.

Elliott Wave Analysis – USDCAD 1h

USDCAD July 7 2015 Elliott Wave Analysis technical trading currencies foreign exchange