It comes to me as no surprise as an elliottician when I published USDJPY report showing triangle which turned into a flat correction, which is 3-3-5 wave sequence because the end result was supposed to bloom. An up move of 1000 pips in the UJ- Amazing.
Running or Current Analysis-
UJ- Imporatbce of Support & ...
EURUSD has gotten into a triangular hole, is not the best place to be today, many stops to play, guaranteed volatility, traders today is day of Band-Aids.
Be careful and clever, follow the direction not the twists ...
Far negative net volume level, followed by corrective movement, does it make sense or not?
It seems appropriate to close positions or hedge with options time.
When the market does not teach his game, it is more likely that we are the ball.
As we've stated in our previous analysis, we expected AUDUSD to continue rising towards its 61.8% retracement level. But price declined to as low as 0.7330.
We still anticipate aussie to rally to 0.7570 before trending down. A break from its bearish channel (red) would give us a clue.
USDJPY, as shown below, managed to break below red bullish channel. This may suggest that price is starting to correct down towards 109.40-109.20 after which it will move up once again before finishing its corrective move downward.
Cable it seems is still contained inside a bullish channel.
Price already retraced past its 61.8% retracement, and could still go on.
Invalidation level is set at 1.4769 which when breached, will make us stick to our alternate view.
AUDUSD movement did not manage to reach the correction anticipated. Instead it continued lower.
Still, price may post for awhile around 0.7155 area before correction starts.