The USD is seen slightly higher against the EUR and GBP, and much more higher against commodity currencies, NZD and AUD in particular after the Federal Reserve’s hawkish policy statement. Stocks are seen in bullish mode still, while gold fell sharply lower towards 1230 area. So as long this will be the case, we think that commodity currencies will stay under pressure and even extend weakness if 10 year US notes will break lower based on the Elliott Wave structure.
Our focus today is on AUDUSD where pair shows a bearish price action with an aggressive sell of from 0.75448 that looks like an extended wave 3. Fourth wave bounce may be seen in the near-term that can stop at one of resistance levels before weakness extends even lower in wave 1).
AUDUSD, 1H
