Forex Charts

AUDUSD – on a precipice above .8660; momentum supportive of bounce

Aussie reached critical support overnight at .8660;

The main event will be the press conference following the ECB meeting.

In the US focus turns to ISM manufacturing for September.

German retail sales and French consumer spending figures are due for release thismorning.

Wave-(iv) has been satisfied with a 3-wave choppy range since 9/18.

From the bear flag high (wave-(iv)), there is now a clear 5-wave decline to 1.2664.

n the euro area, the main event will be the release of preliminary Germanconsumer prices for September.

Downtrend still unfolding and no sign of a reversal or basing pattern yet.

A light data calendar today. The only notable release is the second revision of US Q3GDP.

Yesterday we wrote that “the right divergences are in place for a bottom to form in Euro but still in need of

The call for a wave-4 still stands but there is a case for a more shallow correction (a flat or triangle).

The breakout above 1.1050 promoted the case from more upside.