Aussie managed a new low by just a couple of points at 0.7340 yesterday but it is enough to complete the broader corrective decline from 0.7792.The next major rally will have the opportunity of testing the major highs around 0.7990.The rise off the low so far has not broken any levels yet but it was a firm rise after failing to hold at the new low.Expect a rise to 0.7430 initially today and then some ranging back to 0.7370 before the rise continues.A break of 0.7450 will confirm that a low is in place and open the way for a return to 0.7545 and 0.7650.Any further drops over the next couple of days will be limited to 0.7300.
Kiwi’s rebound from 0.6160 yesterday suggests a return to 0.6250.However, it is not clear whether it will still attempt a test of 0.6110.A rise through 0.6265 creates a bullish environment.
Dollar/Canada’s sharp drop yesterday puts it at risk of extending the decline through 1.0925.Expect 1.1030/1.1130 today.
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