The AUD/USD currency pair is turning down from 0.7834 high for the last two weeks where wave C-circled might completed a big corrective wave IV, which looks like a flat. On the lower time frames, AUD/USD has made five waves down from 0.7836 which is the most important and strong evidence of a bearish trend.
The U.S. dollar/Canadian dollar (USD/CAD) currency pair has been trading quite aggressively lower for the last couple of weeks after a decisive break out of an upward channel connected from May of 2015 lows, which is an important evidence for a change in trend.
Today we have European Union GDP figures and Retail Sales data in the United States coming out. Both are very important reports. Stock markets continue its fall overnight and the U.S. dollar index continues its advance.
U.S. policymakers are "pretty clear" in their views that Japan should refrain from any steps to intentionally weaken the yen, such as intervention in currency markets, a key economic adviser to Prime Minister Shinzo Abe said on Wednesday.
Integrating China's yuan with global settlement system CLS will take years, despite a pressing need in the world's $5 trillion a day foreign exchange market, although the firm's Asia head says she is gradually getting through to policymakers.