[B]My picks:[/B] long AUDUSD, against .7245, target above .7720. long NZDUSD, against .5782, target above .6132. short USDCAD, against 1.1800, target below 1.1475
[B]Expertise:[/B] Technical
[B]Average Time Frame of Trades:[/B]
AUD
Higher RSI on the 240 minute chart suggests that the top is not yet in place (tops almost always occur with momentum divergence). Watch the top of the short term Elliott channel for resistance after the AUDUSD breaks to a new high. A small 4th wave may be complete. Structure is bullish above .7245.
NZD
Wave structure along with the RSI condition explained in the AUDUSD analysis favors a new high in the NZDUSD as well. Wave structure is bullish above .5782.
CAD
A top may be in place now as the rally from 1.1475 is corrective and the USDCAD reversed from the former 4th wave extreme (an Elliott guideline). A cautious bearish bias is warranted against 1.1791.