NZDUSD is trading bearish, unfolding a clear impulsive structure. Current rise can be corrective wave 4, that can search for resistance near the Fibonacci ratio of 38.2. A minor five-wave drop from current levels would indicate a completed correction and wave 5 to be in progress.
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10 year US notes are in an uptrend, but currently trapped in a three-wave temporary correction. Corrections are three wave patterns, so we look lower now for end of red wave c. Support for wave c can be found at the lower channel line and near the Fibonacci ratio of 38.2.
USDJPY made a new spike lower, away from 114.21, which we now see it as sub-wave C of 2). Ideally will this drop search for support near the Fibonacci ratio of 50.0 or 61.8 and from there make a new rally higher.
USDNOK is trading in a bullish impulse, with corrective wave iv in progress. We expect to see a three-wave pullback within wave iv, before a new rally higher into final wave five of 3 comes in play. Support for wave iv can be seen around the upper channel line.
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Market is not moving much at the moment, so our major view remains unchanged. We are still tracking commodity pairs such as AUDUSD and NZDUSD that may see more weakness this week, while gold stays under pressure. There is also a stock market still in bullish mode which may see more upside this week if we consider triangle possibility on Dax.
NZDUSD was one of the...
Good Sunday traders! Hope you had a nice weekend, and a pleasant Sunday. Let's take a look at AUDUSD and its mid-term look.
AUDUSD may have recently completed a higher degree three-wave correction within wave IV. Recent drop that followed, away from the 0.8150 region can be an early indication of a change in trend and more weakness to follow. If so, then current...
USDJPY found a base this week at 111.60 area and bounced sharpy up to 113.00 which may not be a breakout yet, if we consider the possibility of a Elliott wave triangle placed in wave B. It's a five wave pattern where wave E) is still missing, so be aware of a new setback to 112.00 before uptrend resumes in impulsive fashion.
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Good day traders! Today let's check out AUDUSD and its 4h bearish development.
AUDUSD made a sharp and strong drop around 4th of October, which we labeled it as sub-wave 5 of 3). As such, recent rise is seen as wave 4) correction if we consider a broken trendline from black waves two and four. That said, we think that upside can be limited around resistance of a...
Price on NZDUSD is currently rising, but hopefully only for a three-wave correction, which we see it as wave 2. Simple corrections consist out of three-waves, meaning once sub-wave a unfolds we expect two more legs to show up on NZDUSD. The resistance region for the wave 2 correction can later be seen around the Fibonacci ratio of 38.2/61.8.
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USDNOK is unfolding a nice bearish leg, which we see it as blue wave one and now wave two in the making. We can see first wave one fully unfolded, so upcoming reaction higher can be the following wave two that may later search for resistance near the Fibonacci ratio of 50.0 or 61.8 and make a new drop lower.
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Ripple has been locked inside a huge triangle consolidation since mid May and is finally breaking higher. I expect wave (5) will be an extended wave, which calls for wave (5) to move towards at least 0.7100 and maybe even closer to 1.3700.
Support is now seen at 0.2650, which ideally will protect the downside for a break above 0.2980 confirming wave (5) higher...
EURUSD made a new sharp and strong leg higher, which we see it as primary blue wave one, followed by an upcoming wave two. If that is the case, then previous three-wave decline found a base at the 1.1804 level and current sharp reversal is an indication for more upside to follow. However, if prices makes a new bigger drop below the 1.1804 swing low, then maybe...
Price turned sharply higher in the last couple of trading sessions on EURUSD and breached nicely above the first swing high of wave iv) at 1.1777 level. We see current rally as an early evidence of a completed three-wave correction and a minimum three-wave recovery to be in progress. That said, once first wave i) finds a top a new temporary correction into the...
We see AUDUSD trading at the end of a temporary correction of wave four. Ideally Fibonacci ratio of 50.0 will offer some resistance and a new drop lower, into final wave five. A new five-wave drop can later then unfold within the blue wave five.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All...
Price looks to have been trading within a triangle correction of a lower degree wave iv), that caused a drop down into a fifth wave, to 1.1660 level that we highlighted it as potential support. Market turned up slightly on Friday from that zone which may lead to more euro recovery, but for an important uptrend continuation we still need an impulsive reaction of a...
