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About me http://www.ew-forecast.com helps new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power!
Joined Slovenia ewforecast www.ew-forecast.com
If you like and find our analysing ideas good, you can visit our page at www.ew-forecast.com
Markets Allocation
84 % forex 7 % commodities 2 % indices 7 % other
Top Mentioned Symbols
AUDUSD 7% | 30 EURUSD 6% | 26 USDJPY 6% | 25 GBPUSD 5% | 22
ew-forecast ew-forecast PRO AUDNZD, 30,
AUDNZD: Elliott Wave Analysis: AUDNZD Trading In Late Stages Of Wave 3
205 0 17
AUDNZD, 30
Elliott Wave Analysis: AUDNZD Trading In Late Stages Of Wave 3

AUDNZD is moving nicely to the upside this week which is seen as wave 3) from April 21st, so we can expect more upside after a fouth wave pullback that can be around the corner. Supports are seen near 1.0806 and 1.0820. Drop below 1.0766 would need a new count.

ew-forecast ew-forecast PRO USDJPY, 60,
USDJPY: Elliott Wave Analysis: USDJPY Taking Off
1174 1 17
USDJPY, 60
Elliott Wave Analysis: USDJPY Taking Off

USDJPY looks to be taking off sharpy in sub-wave v) of three. Well, if that is the case then we may have an extended fifth wave. That said, we believe some resistance may come in around the 261.8 Fibonacci ratio, from where a new corrective decline may follow into bigger wave four.

ew-forecast ew-forecast PRO USDCAD, 60, Long ,
USDCAD: Elliott Wave Analysis: USDCAD Trading Into Final Wave
677 5 21
USDCAD, 60 Long
Elliott Wave Analysis: USDCAD Trading Into Final Wave

USDCAD is moving nicely higher since April 12 where pair showed us signs of a bottom because of an impulsive turn into wave 1. So we were bullish on USDCAD, but these move can be coming to an end now because of price advance into a fifth wave; final leg of an impulsive structure. Also, we see pair at upper resistance line of an EW channel which can represent first ...

ew-forecast ew-forecast PRO AUDUSD, 240,
AUDUSD: Elliott Wave Analysis: AUDUSD Trading In A Temporary Correction
449 0 11
AUDUSD, 240
Elliott Wave Analysis: AUDUSD Trading In A Temporary Correction

Aussie turned up last week after better than expected AUD employment data. From a technical perspective we adjusted the wave count as current bounce is part of a minimum three wave recovery since it turned up impulsive in the first part, labeled as red wave A). As such, there will be more upside coming now within an A)-B)-C) structure which may stop near 0.7640. ...

ew-forecast ew-forecast PRO GBPUSD, 60, Long ,
GBPUSD: Elliott Wave Analysis: GBPUSD Trading In A Five Wave Impulse
679 2 18
GBPUSD, 60 Long
Elliott Wave Analysis: GBPUSD Trading In A Five Wave Impulse

GBPUSD trading in a three wave correction of wave 4, now in final stages of sub-wave c. That said support for the corrective wave 4 may be around the 38.2 Fibonacci ratio, from where a new reversal higher into wave 5 may follow. Afterwards wave 5 of 3) may reach levels around the 1.2919 region.

ew-forecast ew-forecast PRO GBPJPY, 60,
GBPJPY: Elliott Wave Analysis: Five Wave Move On GBPJPY Seems Completed
760 4 22
GBPJPY, 60
Elliott Wave Analysis: Five Wave Move On GBPJPY Seems Completed

Intraday chart of GBPJPY is showing us a nice five wave rally to the upside, with price now particularly trading in late stages of wave v. That said we believe a three wave decline may come in play as a contra trend reaction and later find support around the 138.29-139.05 zone.

ew-forecast ew-forecast PRO EURNZD, 240, Long ,
EURNZD: Elliott Wave Analysis: Correction On EURNZD May Be Finished
422 5 15
EURNZD, 240 Long
Elliott Wave Analysis: Correction On EURNZD May Be Finished

EURNZD seems to be trading in a corrective retracement of wave B, after a five wave move to the upside had unfolded in the previous wave A. That said recent fall can be sub-wave C, that may see some limited downside around the lower channel line. That said, a breach above the upper corrective channel line will suggest higher levels to follow.

ew-forecast ew-forecast PRO EURUSD, 240, Short ,
EURUSD: Elliott Wave Analysis: EURUSD Sharply Turning Lower
1490 2 27
EURUSD, 240 Short
Elliott Wave Analysis: EURUSD Sharply Turning Lower

On the 4h count of EURUSD we see price trading south following a completed zig-zag correction that was in progress since the start of the year. Reversal down is strong and clearly impulsive, thus an important sign of a top in place, meaning a minimum three wave drop is expected to unfold, which should resume after current rally is completed. We see this rally as ...

ew-forecast ew-forecast PRO USDJPY, 240,
USDJPY: Elliott Wave Analysis: USDJPY Trading In Final Wave 5
1649 4 42
USDJPY, 240
Elliott Wave Analysis: USDJPY Trading In Final Wave 5

USDJPY is falling, now seen in fifth wave of decline of wave C) which can be in final stages now. As such, traders should be aware of a bounce ideally from around the lower channel line that comes in near 109.00. Minor five waves up from there and back to 111.50 will be an important evidence for a change in trend.

ew-forecast ew-forecast PRO USDCAD, 240, Short ,
USDCAD: Elliott Wave Analysis: USDCAD Eyeing 1.3180 Region
657 1 19
USDCAD, 240 Short
Elliott Wave Analysis: USDCAD Eyeing 1.3180 Region

USDCAD has turned nicely down from 1.3533, clearly with five waves which is a structure of a bearish turn based on the Elliott Wave principle. As such, we now expect even more weakness after recently unfolded three wave bounce from 1.3262 that is pointing lower into wave three. We think that 1.3262 is going to be broken this week from where market may see a drop ...

ew-forecast ew-forecast PRO AUDUSD, 240, Short ,
AUDUSD: Elliott Wave Analysis: AUDUSD Trading In A Bearish Impulse
820 0 23
AUDUSD, 240 Short
Elliott Wave Analysis: AUDUSD Trading In A Bearish Impulse

Aussie is making a sharp decline for the last few trading days with an extended structure seen down from 0.7678 that we see it as wave 3) which will normally touch 161.8% Fib. extension level. This one is placed near 0.7440 which is not far away so traders will have to be aware of a corrective bounce this week; up into wave 4).

ew-forecast ew-forecast PRO AUDUSD, 60, Short ,
AUDUSD: Elliott Wave Analysis: AUDUSD Intraday View
816 0 28
AUDUSD, 60 Short
Elliott Wave Analysis: AUDUSD Intraday View

AUDUSD is moving nicely down as expected following that turn down from 0.7584 resistance that we highlighted a few times in our past updates. We see pair now trading near 0.7500, but in fifth wave so downside can be limited in the near-term as new three wave rally may show up.

ew-forecast ew-forecast PRO USDJPY, 60,
USDJPY: Elliott Wave Analysis: USDJPY Intraday View
958 8 25
USDJPY, 60
Elliott Wave Analysis: USDJPY Intraday View

USDJPY is displaying qualities of a triangle correction in wave 4, which could be as of current intra-day drop completed. We see price trading around the 110.77 level which could be wave two as part of a five wave drop within wave 5. That said a decisive drop beneath the 110.24 level will suggest lower levels to follow.

ew-forecast ew-forecast PRO CADJPY, 30,
CADJPY: Elliott Wave Analysis: CADJPY Could Be In For A Reversal
515 0 13
CADJPY, 30
Elliott Wave Analysis: CADJPY Could Be In For A Reversal

As you might know, we are looking higher on stocks based on Elliott Wave structure after only three waves of decline on E-mini S&P500 from 2400 highs. So more upside on stocks is normally bearish for Japanese yen, in risk-on environment. At the same time we see Oil prices in bullish mode as well which can be supportive for the Canadian dollar. What all that said, ...

ew-forecast ew-forecast PRO NZDUSD, 240,
NZDUSD: NZDUSD Trading In Temporary Wave Four; Final Drop In View
380 0 21
NZDUSD, 240
NZDUSD Trading In Temporary Wave Four; Final Drop In View

On the 4h chart of NZDUSD we can see a nice higher degree bearish breakdown to be in progress, with price now specifically trading in red wave 4). The ideal reversal zone for wave 4) may be around the upper channel line, where sub-wave Y may find resistance. A break beneath the 0.6990 level would suggest lower levels to follow.

ew-forecast ew-forecast PRO EURUSD, 240, Short ,
EURUSD: Elliott Wave Analysis: Bears On EURUSD Taking Charge
1062 0 21
EURUSD, 240 Short
Elliott Wave Analysis: Bears On EURUSD Taking Charge

On the updated count of EURUSD we see price trading south following a completed a zig-zag correction, that was in progress since start of the year. Current reversal is strong and clearly impulsive, thus an important sign of a top in place, meaning a minimum three wave reversal to the downside may start to unfold but ideally that's a start of an impulsive drop in ...

ew-forecast ew-forecast PRO USDCAD, 60,
USDCAD: Elliott Wave Analysis: USDCAD Trading In A Temporary Correction
718 4 20
USDCAD, 60
Elliott Wave Analysis: USDCAD Trading In A Temporary Correction

USDCAD remains above 1.3262 low so pair is actually still trapped in a corrective price action ; we are looking at an A-B-C move that may still retest levels around 1.3440-1.3460 which appears to be an ideal resistance zone, so drop may show up later this week. On the other-hand strong fall and daily close below 1.3262 would be first evidence that correction is ...

ew-forecast ew-forecast PRO TY1!, D,
TY1!: Elliott Wave Analysis: 10 Year T-Notes Trapp In A Correction
389 0 14
TY1!, D
Elliott Wave Analysis: 10 Year T-Notes Trapp In A Correction

On the 10 Year US Notes we see price undergoing a potential five wave drop, with price now trading in wave four as part of this drop. That said, price seems to be undergoing some slow and choppy price activity, which means wave four may unfold as more complex. As such we expect more overlapping price movement to come in play and probably a triangle correction will ...

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