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USD is back on the rise today as metals are breaking down. We see AUDUSD trading nicely down from 0.8760 in what can even be a high of a wave ii) so a strong break down into wave three of three could be seen in sessions ahead.

AUDUSD 1h Elliott Wave Analysis

audusd November 5 2014 Elliott Wave Analysis currency trading technical

USD is also looking bullish against the EUR as latest rally from 1.2437 cannot be counted in five waves. So if move is not impulsive then we know it is corrective which means that pair should stay bearish. A break beneath 1.2500 could cause a decline to 1.2400 in the next few sessions.

EURUSD 1h Elliott Wave Analysiseurusd November 5 2014 Elliott Wave Analysis currency trading technical