We can see some mixed picture on the markets today. The USD is up against the AUD, JPY and GBP. It is, however, sideways against the EUR, while GOLD is down and S&P Futures unchanged. The main focus today is on the AUD, which is moving lower across the board as the RBA leaves the door firmly open for further rate cuts. From a technical perspective, we see some nice structure that could be good for shorts in the next 24 hours.

We can see a three wave rise from the lows followed by a recent sharp intra-day downward reaction that could be the start of a new bearish cycle. However, we want to see further weakness during the days towards the lower side of a trading channel. In this case, we would focus on wave 2 pull-back or shorts.

Forex Analysis by Gregor Horvat at ForexPros. com