USD/CAD - While the break below support at 99.03 still looks strong, we should remember that we are in wave 5 down from 104.23. I still think the ideal target for this wave 5 is in the cluster-area 97.05 - 97.45, but one should always be careful when dealing with wave 5 as they can end very abruptly in a failure break as could be the possibilities with AUD/USD and NZD/USD (see below).
AUD/USD - Broke above resistance at 108.44, but only to make a marginal new high at 108.56 and then return back down below 108.44, which is the classic sign of a possible failure break. That said we need confirmation, that it was a failure break, which would come with a break below 106.44 and leave the downside open.
NZD/USD - Also made a possible failure break above 84.30 to reach 84.70, but the quick return under 84.30 leaves us with a potential failure break, which will be confirm upon a break below 82.60 and here too leave the downside open.
USD/CAD - While the break below support at 99.03 still looks strong, we should remember that we are in wave 5 down from 104.23. I still think the ideal target for this wave 5 is in the cluster-area 97.05 - 97.45, but one should always be careful when dealing with wave 5 as they can end very abruptly in a failure break as could be the possibilities with AUD/USD and NZD/USD (see below).
AUD/USD - Broke above resistance at 108.44, but only to make a marginal new high at 108.56 and then return back down below 108.44, which is the classic sign of a possible failure break. That said we need confirmation, that it was a failure break, which would come with a break below 106.44 and leave the downside open.
NZD/USD - Also made a possible failure break above 84.30 to reach 84.70, but the quick return under 84.30 leaves us with a potential failure break, which will be confirm upon a break below 82.60 and here too leave the downside open.
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