Get started

Impulsive

GBPUSD: Correction UnderwayOne of the pairs we are looking at, is GBPUSD which had a nice impulse fall from recent highs at 1.4514 level, which now serves as an invalidation level, meaning price must not break above this region. Current bounce from recent lows, where we labeled wave 1, we see as an temporary correction in wave 2, that can ideally unfold to around 1.4227 or even 1.43002 area, where previous wave 4) of a lower degree can act as an resistance and a turning point into lower levels. www.ew-forecast.com @ewforecast
by ew-forecast
AUDNZD: Correction UnderwayAUDNZD keeps trading higher and higher now already at 1.1344 area, after price completed an extended wave 3 with five visible sub-waves. That said as we now after wave 3 is completed, we always expect a minimum of a three wave move in wave 4, that can as in our case already be midway through it’s completion, now in the last leg (c). Wave (c) may still see more weakness, possibly towards 1.107 region, where some fibo. ratios may act as a support into higher levels. www.ew-forecast.com @ewforecast
by ew-forecast
AUDUSD: More Upside After Any Corrective BounceAUDUSD is trading nicely higher now above 0.7600 after sharp turn up yesterday, so obviously wave 4 has finished much earlier than we thought. It was a sharp corrective retracement that put wave 5 in play now for 0.7700 projection. Despite very strong push up there is still a bearish divergence visible on the charts which means that new corrective set-back may occur; probably next week down in red wave 4). www.ew-forecast.com @ewforecast
by ew-forecast
2
GBPUSD : Correction Within DowntrendGBPUSD is turning up sharply from 1.3830, clearly with an impulsive price action visible on the lower time frame, which suggests that an extended five waves down from 1.5507 completed black wave 3. We know that after every impulse market will make a three wave retracement, so we think that corrective wave 4 bounce is now unfolding back to the termination point of a former wave, at 1.4667 where we also see 38.2% Fibonacci retracement level, as well as low of 2015, so this region makes it as a very interesting resistance from where we would expect a new turn to the downside. www.ew-forecast.com @ewforecast
by ew-forecast
AUDNZD : More Upside Could Be In The CardsAUDNZD is trading quit nicely, recently completing a triangle of a higher degree at 1.0568, where we labeled end of wave E, and is now slowly trading to the upside. We see price now even reaching higher levels in black wave 3, as recent break out of a corrective channel line connecting from wave b highs of 2 suggest so. That said black wave 3 could be near completion, as pair is now trading in sub-wave iv-circled, which could be finished later this week. Ideally price will continue towards fibo. ratio of 2.00, where a pullback of a higher degree, wave 4 could start to unfold. Invalidation level is at-1.08531, as long as it holds we are looking bullish.
Long
by ew-forecast
3
NZDJPY : Basic Flat Correction UnfoldingAfter a nice impulsive decline from February highs at 79.39 down to 73.18, NZDJPY has turned higher and has since then been trading slowly and choppy, clearly in a correction, that looks to be a flat pattern. Well, this correction from the end of a five wave drop could be near completion, as price seems to be trading in its third and final leg, wave C. We still need five sub-waves in wave C, before we can expect a reversal to the downside. Upside can be limited at the region of the previous wave iv), 76.76 level, where resistance can take place. www.ew-forecast.com @ewforecast
by ew-forecast
EURJPY : Intraday ViewOn the intraday structure of EURJPY we are tracking a nice bearish run from 128.173 area, that seems to be in late stages, as only wave 5 is needed for a completed five wave pattern. That said correction in wave 4 seems to be over as price made a nice move towards lower levels and could ideally continue even lower to around 124 area, where the distance of red wave 1 would equal the distance of red wave 5. After wave 5 is completed, we may face a minimum of a three wave correction.
Short
by ew-forecast
6