ForexTrainingGroup

ForexTrainingGroup

Let’s discuss the price chart of the AUDNZD currency pair based on the Daily timeframe. From the Elliott Wave perspective, AUDNZD appears to have completed Wave 3 (circle), and is now moving countertrend in Wave 4 (circle). The subdivisions within this bullish price move are quite clear. The most probable termination point for third waves is a 38% retracement,...

ForexTrainingGroup

Let’s discuss the price chart of the GBPJPY currency pair based on the 480 minute timeframe. From the Elliott Wave perspective, GBPJPY has completed a 5 wave impulse up of two degrees, specifically, Minor Wave 5 and Intermediate Wave (5). The price has recently broken below the bullish channel of Minor Wave 5. Most momentum oscillators are also forming a bearish...

ForexTrainingGroup

Let’s discuss the price chart of the USDJPY currency pair based on the 480 minute timeframe. From the Elliott Wave perspective, the price action appears to have completed Wave (5). The parallel channel also confirms this analysis. Additionally, most momentum oscillators are forming a bearish divergence pattern, which is typical at the end of fifth waves....

ForexTrainingGroup

Let’s discuss the price chart of the GBPAUD currency pair based on the 480 minute timeframe. From the Elliott Wave perspective, the price has completed the 5 wave impulse sequence down on April 5. From that point, we have been trading higher in a corrective formation which appears to be carving out a W, X, Y pattern. From the Hurst Cycles perspective, the...

ForexTrainingGroup

Let’s discuss the price chart of the GBPJPY currency pair based on the 240 minute timeframe. From the Elliott Wave perspective, the price action appears to have completed Wave B of the corrective sequence just beyond the 78.6% Fibonacci retracement level. GBPJPY is currently progressing in Wave C down. From the Hurst Cycles perspective, the composite model line...

ForexTrainingGroup

Let’s discuss the price chart of the GBPUSD currency pair based on the 480 minute timeframe. From the Elliott Wave perspective, Wave (2) has completed and Wave (3) is in progress. The price has just breached the low of Wave (1) and pulled back for a re-test. From the Hurst Cycles perspective, the composite model line which measures the combined cyclical...

ForexTrainingGroup

Let’s discuss the price chart of the EURNZD currency pair based on the 120 minute timeframe. From the Elliott Wave perspective, the price action is moving in a corrective channel within Wave (iv). It is approaching a critical Fibonacci retracement level of .618 which should act as resistance. From the Hurst Cycles perspective, the composite model line which...

ForexTrainingGroup

Let’s discuss the price chart of the NZDJPY currency pair based on the 480 minute timeframe. From the Elliott Wave perspective, the price has likely completed Wave (4) with a 23% Fib retracement of the Wave (3). This is a typical retracement level when Wave (3) is extended by more than 161%, which is the case here. From the Hurst Cycles perspective, the...

ForexTrainingGroup

Let’s discuss the price chart of the EURGBP currency pair based on the 480 minute timeframe. From the Elliott Wave perspective, the price action has recently completed an ending diagonal triangle formation. The price is trading within Wave 3 (circle). The most recent retracement is approaching a 78% Fibonnaci level. From the Hurst Cycles perspective, the...