Commodity currencies were the strongest yesterday after a sharp rise in Risky assets. As such, teh US dollar was obiusly under pressure, particely again teh Aud and Cad

Aud/Usd Technical Outlook:

Aud/Usd extended the recovery from 0.9390 region, where we believe that temporary bottom was established. The reason is an impulsive rise through the blue trend line, after the bounce from the wave (v)=(i) equality region. As such, pair is now reversing into a higher recovery, which must be structure by three legs, (a)-(b)-(c). If we are on the right track, then pair may recover even up to 1.0000 region, while 0.9390 low is in place!

Usd/Cad moved even lower yesterday and broke through an important support line, which indicates a "top in place". We are talking about an impulsive rally from 0.9723, which appears to be a wave (3), followed by a corrective wave (4). This reversal must be structured by three legs, before we may look for further uptrend again! So fron now lower A)-B)-C9 pull-back in view!

Forex Analysis by Gregor Horvat at ForexPros. com