Global Markets In A Minor Corrective Recovery

Markets are very slow today because of Assumption Day in some parts of the word. Stocks however found the bid during Asian hours, and supported some majors against the greenback. Aud/Usd extended a recovery above 1.04 region, but a price action looks very clear there and appears corrective. A corrective recovery is also shown on the S&P-Futures and crude oil, so generally speaking a bearish reversal here should support the US dollar.

*Aud/Usd technical outlook

Aud/Usd moved above 1.04 during Asian hours, which however does not change our bearish outlook for that pair. A recovery from the lows is still in three waves, with triangle placed in wave (b), followed by a recent break higher that appears to be wave (c), final leg of a recovery. As such, turning point should occur in coming sessions, which will be confirmed after an impulsive reaction lower. There are two resistance levels to keep an eye on for a potential sell-off, 1.0440 and 1.0580, where wave (c) equals to (a).




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