The mover in the overnight session was AUD which rallied sharply following the good retail sales and trade balance figures as well as the shift from the RBA. This bullish move has been technically expected, already ahead of the events as we highlighted a clear bullish pattern after only three waves down to 0.7260. At the moment we see a nice and strong upward reaction that is looking impulsive, but with more upside ahead as a red wave iv) and v) are still missing. Any short-term pullback today could find a support around 0.7350/0.7360 area.
AUDUSD 1h Elliott Wave Analysis
USDJPY is still sideways, trading in the middle of a range, currently around 124.00, but notice that pair already has five sub waves from 124.46 high so triangle can be finished. A break above wave d) point, near 124.30 could lift price up to 125.00 very fast. Invalidation level is at 123.00.
USDJPY 1h Elliott Wave Analysis
