Juan has asked for my view on AUD/USD.
My long term view has not changed after the latest rally. Long term I still looking for a decline towards at least 0.6007, but what about the short to medium term Picture?
Short term we have hit strong resistance at 0.9529 however, the structure does not look complete yet, and that would argue for a continuation higher towards 0.9714 and likely even higher towards 0.9918 and in case this X-wave extends we might even see a continuation higher towards 1.0468, before the next downside pressure takes over. Short term we should find support 0.9435 and at 0.9393.
AUD/JPY
Since the low at 55.07 in October 2008 we have seen a major A-B-C rally with a high at 105.43. Since the 105.43 high we have seen an impulsive decline to 83.34 as wave a and we are currently in wave b, which I expect will peak near 98.14 for the C-leg lower towards 85.00.
Short term we will find support at 93.80 and Again at 92.97.
I appreciate your work, thanks EWS.
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