Good day traders!
AUDJPY is now trading at the upper channel line and completing possibly sub-wave three of higher degree wave C. We see a five-wave structure in play, that can see limited upside near the upper channel line and there make a new three-wave drop lower. A reversal in five waves would suggest a completed wave C and more weakness ahead.
NZDUSD is unfolding a nice bullish impulse within wave C, as part of a higher degree three-wave recovery. We see a five-wave structure in the making, with price trading within an extended blue wave v. This blue wave v also has five-wave waves, and current wave that is unfolding is sub-wave iv), that can see limited downside near the Fibonacci ratio of 50.0 or 61.8.
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