Sideways consolidation today before another move up.
AUDUSD is still in its' uptrend and there is not any PA to show it is ending as of yet. More than likely, headed towards the MAJOR Weekly downtrend TL. Not much action today to really clarify things.
USDCAD did not do much of anything today...except consolidate. This consolidation is . I'm seeing it as a wave iv consolidation and is flat. USDCAD is still targeting my "critical zones" before there will be any reversal. (see my free in-depth analysis: (F) USDCAD: Finishing Up The Downtrend)
Today's action may have indicated the end of the current wave (3) impulse wave. I am expecting a corrective wave (4) to follow probably back down to retest the broken TL of the former "triangle". (see recent post: (B) GBPUSD: Still Looking Higher - subscription required. Click here to subscribe to trial offer: Subscribe Now!)
EUR did not do anything today to clear up which direction it is to go. It could go higher from where it is now or it may drop down to the lower TL before rising. Drop to the lower TL is favored though.
The swissy is pretty much moving as expected. I am expecting that there will be a retrace back down to retest the broken TL before rising again to hit the downtrend TL and fill that POTENTIAL Bat. (see recent post: (B) USDCHF: Is This Uptrend Real? Or Is It Just A Mirage? - subscription required. Click here to subscribe to trial offer: Subscribe Now!)
NZDUSD had recently broken a strong uptrend TL which signaled that this uptrend is losing steam. It could signify a longer trend change may be coming soon. But this alone is not enough to show that trend reversal. Not yet. I still see higher prices eventually.
Prices movement today more or less is confirming how I think that GBPJPY will move.
The recent impulse wave up should be ending and a retrace of that impulse should be forthcoming.
NZDJPY has been a confusing pair being that it has and still is in a long sideways consolidation. And today's action did nothing to clear anything up. Short term, I expect prices to move up to fill that POTENTIAL Bat and then retrace back down again remaining in this sideways correction.
Expecting this to drop soon but waiting to see if the TL and the MAJOR SR structure will hold. That completed Bat is waiting for profits.
Moving as expected. Is in a corrective wave following an impulsive wave iii . Should go a little bit lower and then head up again to finish a wave (4).
ADDITIONAL MARKETS (these are markets I follow that may vary in coverage)
Nice uptrend which we caught for plenty of pips already! But now I am looking for a correction before further advances.
XAUUSD ( GOLD )
Getting set to drop.
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Last week I introduced a new Daily Update feature to my service where I will be summarizing the days market activity and what that means to you. However, after I had sent the first edition, our database suffered a crash which wiped out that post as well as some other recent posts. So this will be the first edition. The first edition will be completely free and available to all members subscribed or not. However, subsequent editions will have both a Free edition and a Premium Edition. Free editions will include coverage on the Basic pairs that I cover. Premium edition will also include markets that I cover for paid Premium subscribers.
This Daily Wrapup & Updates will be published daily from Monday- Thursday. Friday Edition will be published on Monday morning (all dates/times are based on EST or GMT -4).
Daily Wrapup & Updates are just a brief overview on what the markets have done and what I think MAY happen. These are not comprehensive analysis on the markets. So please use them as such.