AUDJPY seems to be in final stages of black wave 5 and could ideally turn up in sessions ahead into a corrective retracement. Right now we think that price is trading in wave four the sub-wave of our black wave 5 and could later move even lower to around 79.00 area before turning to the upside. We are tracking an ending diagonal, that usually pushes prices...
On the 4H chart of AUDJPY price made a nice looking impulsive structure from 88.250 area, where we labeled end of black wave 2, resulting as black wave 3. That said we now expect a three wave correction in black wave 4 to around the previous blue wave iv-circled of a lower degree, where price could then continue lower in sessions ahead.
Previous updates on this...
If stocks will turn down for a minor correction then same thing can happen with AUDJPY where we are tracking wave 4, but subwave (b) still yet to come which may reach 81.00 area before we go up to 84.50.
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USDJPY finally fell to a new low after a nice corrective bounce up into wave iv) that found resistance near 119.70. Now we are tracking a new five wave decline from that swing high which is still underway, pushing price lower within red wave v) that can hit levels around 118.00 today where price can turn back to the upside as big five wave drop from December can...
GBPUSD has turned bearish in the last two weeks after only three wave bounce from 1.4893 to 1.5240 which was a corrective move; a zigzag. As such, we are bearish on GBPUSD and will expect more weakness after any pullback. At the moment trend is still down but wave 1 appears complete so be aware of a corrective bounce up into wave 2 that can be looking for a...
On the 4H chart EURJPY made a nice looking bounce, that could mean a start of a new bullish cycle from 131.00 level. This reversal could possibly be wave (1) and now ideally a correction in wave 2 will follow.
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In this article we will look at CRB Commodity Index. This is important market to track for overall direction on commodities. What we see on the weekly chart below is a five wave of decline within wave C which means that current weakness can be coming to an end. Ideally market will turn up in 2016, but it can happen from around 28,00 or from next Fibo support at...
GBPCAD has five waves up from 1.9849 so current decline from above 2.0900 is going to be in minimum three waves. Ideally we will see a corrective a-b-c decline in wave ii that can be looking for a support near 2.0500, at the area of a former wave four.
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GBPUSD fell to a new low as expected, after only three wave bounce from 1.4893 to 1.5240 which was a corrective move called a zigzag. As such, we are bearish on GBPUSD and will expect more weakness after any pullback. At the moment we can see some rally away from the low, but it can be wave 2 that may find resistance near 1.5000 psychological level. Ideally...
CAD is one of the weakest currencies for the last few weeks so we would not be surprised if bounce on CADJPY will prove as just another corrective wave. We are looking at wave iv-circled headed back to former wave four, at 89-89.93 where new sell-off may occur but only if substructure from the low will be in three waves.Technically speaking this pair is bearish...
On USDTRY we are still tracking an upward correction since November, which can be a zigzag with an ending diagonal still unfolding in wave (C). So based on short-term swings we may see a retest of 2.9600 area and then final push up to 3.0000 to complete current upward cycle. That said, price may turn down later this week.
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On the 4H chart of AUDJPY, we see that price has continued to go lower, breaking beneath the lower channel line. Thus suggesting that more weakness could follow in sessions ahead. That said we are now tracking black wave 3, that could ideally continue towards 83.00-84.00 area.
Our past updates on this pair :
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A lot of yen-crosses have tight correlation with USDJPY. On the chart below we are looking at 4h time frame of EURJPY which has a very clear wave structure; five waves up and now three waves down to 50-61.8% retracement area where pair may turn bullish again. We will pay attention to impulses from that region that can be interesting for long entries.
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AUDJPY has continued to the lower side of our channel line, breaking beneath it at 88.458, thus suggesting more weakness could follow after any temporary pullback. Recent leg up to around 89.132 could be wave a of an a-b-c correction in black wave 2, that could reach the fibo. level of 61.80% before continuing lower in sessions ahead.
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GBPCAD is trading perfectly higher this week after a completed wave (ii) at 1.9850. We see a nice impulsive upward move that appears very strong so we believe that uptrend will continue after any corrective set-back. We will be tracking wave ii pullback that can be looking for a support at 2.0330; at former swing high.
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On the Daily chart of AUDJPY, we are tracking a double zig-zag pattern, that consist of waves W-X-Y with sub-waves a-b-c. As we see on the chart, recent reversal to the downside form 90.743 level, where we labeled end of wave (C) could suggest that price may be facing lower levels in session ahead. That said break beneath lower channel line would indicate more...
USDTRY keeps moving higher, now already above the high of a red wave (A) so impulsive wave (C) is in full progress that can be targeting 3.0000.
Our past updates on this pair :
