16th - 20th May Weekly Wrapup & Updates
USDJPY last week finally broke through the upper TL of that EED that I posted about back on May 19th when I switched to my Alt wave count at the time. Now would expect that prices will move up to that MAJOR (D) SR structure above this week. Probably right up to Friday. After that, it could move sideways until the FOMC where if there is no rate hike, we will see prices drop from there. We are currently LONG in this pair and in profit.
AUDUSD last week continued that strong drop down started the previous week. This is a wave (A) drop in my wave count. But that drop has stalled and is now looking to make a retracement back up. Any retracement from here I would expect to at least make it back up to a MAJOR (D) SR structure above. It is also likely that it would go higher still to the next MAJOR (D) structure even higher if this retrace takes hold and gives a strong reaction. This retrace I would see as a wave (B) of the overall correction. See my recently posted re-analysis on AUDUSD: (F) AUDUSD: Catch A Falling Knife? You Betcha! And It Is Falling For Sure! (Free post. No subscription required)
USDCAD Beginning of last week, I warned of a ED that was completing in USDCAD and that once completed, we would see prices dive. Which is did most of last week. But then on Friday, it started reversing back up which if you were a regular reader of my Daily Updates, you would also have been warned about. Well, now that the retrace back up is underway, I am seeing that there isn't that much of it left to go before we see another move down as you see in the charts below. Once it does drop, there will be a critical zone below that I will be watching closely for signs of a reversal back up and there is where I will be buying. For now, we are SHORT and waiting for a further drop. See my recent post: (F) USDCAD: The Long-Awaited Reversal Has Arrived! (Free post. No subscription required.)
GBPUSD hit the MAJOR (M) structure last week and was rejected and is currently retracing from it. But this retrace should be short-lived and we should see a resumption of the major trend up and past that MAJOR (M) structure this week and see new highs. But before that happens, we may be seeing it move a bit lower before going higher. See my special post on this pair about its' outlook pre-Brexit: (F) GBPUSD: The Storm Before The Storm? Pre-Brexit Vote Analysis. (Free post No subscription required.)
EURUSD 26 days ago, I warned that EURUSD was headed down in accordance with fractals. Since that post, prices have pretty much dropped continuously for all of this month over -450 pips. But now it could be coming to an end and we will soon be seeing a very long and strong move up in a wave (Y). When this downtrend is over and the next up move starts, this will be a VERY, VERY good opportunity to make some SERIOUS pips! But where will this downtrend end? Be aware that it could STILL be dropping even more before its done. See my updated Post-NFP post on EURUSD: (F) EURUSD: Post-NFP Trade Update: Fractals Predicting A Retrace. (Free post No subscription required.)
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