GBPUSD is trading sideways on hourly chart ahead of NFP, so we see a new correction unfolding. It can be a flat in wave 2) that can spike up to 1.4572 area from where bears are expected to step-in for a sharp push down into a third leg of decline. Invalidation level is at 1.4768 as long it holds, trend is down!
www.ew-forecast.com
@ewforecast
Markets are not moving much at the moment as traders awaits FOMC Statement tomorrow. As such, price action can be slow for another 24hours, but from a technical point of view we will stick our bullish USD view.
On USDJPY below we see three waves of decline from recent high that can be wave four pullback that belongs to bullish impulsive wave three-circled which...
USDCHF was a real mover yesterday, gaining more strenght and making a nice impulsive structure. Notice that price went straight up after channel and 0.9650 level were broken, so we see a new five waves up in play. That said, another high is in view, for wave v) that can reach levels near 0.9750.
www.ew-forecast.com
@ewforecast
The price action on this index indicates that the buyers ares till present in the market, keeping price levetating within a small corrective channel above 17850. I am expecting another impulsive move towards the even handle around 18000. If buyers are able to push beyond that, 18150 would be up next.
EURAUD completed a corrective pullback in the ABC manner at 1.520. From this C wave highs a sharp drop down occurred on EUR while the other pair AUDUSD seems to trade more stable or even higher in recent sessions. For now a nice 3 wave move down unfolded with wave 4 in view with resistance around 1.4658-1.4711 region.
www.ew-forecast.com
@ewforecast
If USD index is going up, then EURUSD should fall further as well, but after a pullback up to around 1.1290-1.1300 area. We see EURUSD in bearish trend as long as price is beneath 1.1346.
www.ew-forecast.com
@ewforecast
We should be tracking USDCAD very closely today ahead of the BoC statement and rate decision. On the hourly chart we are looking at impulsive decline that can continue to around 1.2600 level, but would love to see a three wave retracement up into wave 4). Ideally any bounce will slow down at 1.2850-1.2920 area.
www.ew-forecast.com
@ewforecast
USDCHF is trading higher from a new low, so I am looking at potential turning point that can be very strong if we consider the shape of an ending diagonal in wave five. We however would need rally above 0.9548 to confirm a bullish case for this pair. This could look very interesting.
www.ew-forecast.com
@ewforecast
This is a followup to the idea from yesterday (link below)
yesterday i said the X point of the gartley was the potential 5th wave of the recent downmove. now that we violated X, this doesnt work anyway, so i had to rethink my view on the waves. I think a reasonable scenario would be to make wave 3 an extended wave with another 5 wave stucture inside it.
that...
