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AUDUSD Touch Resistance, Now More Weakness Can FollowGood 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 former wave four, at 0.7874 from where we can already see some bearish turn, so ideally pair is going to fall lower into wave 5) this week. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
Elliott Wave Analysis: NZDUSD Trading In A Temporary CorrectionPrice 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. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
by ew-forecast
Elliott Wave Analysis: USDNOK UpdateUSDNOK 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. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
Elliott Wave Analysis: EURUSD UpdateEURUSD 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 a-b-c is still in progress with a deeper pullback. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
Elliott Wave Analysis: EURUSD UpdatePrice 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 following wave ii) may come in play. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
1
Elliott Wave Analysis: EURUSD Trading Near Potential SupportPrice 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 higher degree up to 1.1850/70. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
Elliott Wave Analysis: Triangle On USDJPY Points HigherUSDJPY shows evidences of a bullish triangle from Sep 20, which in fact can be already finished at 112.40 so we think that sooner or later pair can be above 113.25. Technical picture suggests positive USD reaction for NFP today at 12:30GMT. A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
by ew-forecast
German DAX Trading Into Potential Reversal ZonesGerman Dax is finally breaking out of a fourth wave triangle, now in fifth wave so there is room for a move up to 12910/12950 region, where market may find a temporary resistance and send price south in three waves. We see some important Fibonacci ratios at the mentioned region that can react as turning point zones. A later minor five-wave drop and a break below the channel line would indicate a change in trend. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
OANDA:DE30EUR
by ew-forecast
Crude Oil Intra-day Correction; More Upside In ViewCrude oil made a perfect drop lower, which we now see it as wave c of a three-wave decline. Ideally this three-wave decline will now come to an end and a new turn up will be seen around the former swing low at 50.35 level and near the Fibonacci ratio of 100.0, where measurement of equality of waves a and c comes in play. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
TVC:USOIL
by ew-forecast
1
Elliott Wave Analysis: Bears Taking Over AUDUSDAUDUSD made a sharp reaction up to 0.8100 recently, but not to a new high, so rally was seen as part of a corrective wave 2). In fact, market made a sharp and strong drop through wave 1) low and confirmed that market is within red wave 3) that hit first projected target at 0.7830 region, but there is room for 0.7750 now. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
Elliott Wave Analysis: Gold Long And Short Term LookDaily view: Gold can be trading in a big, sideways price action known also as a triangle correction. A triangle correction is a complex pattern with five legs, with each leg having three more sub-waves. On the daily chart of Gold we see price now trading at the start of leg D) of this triangle pattern and can search for a base near the Fibonacci ratio of 61.8. 4h view: Gold can be trading in a bigger three-wave decline within a triangle as shown on the daily chart. We are talking about A-B-C waves; currently still in wave A that hit new low as expected after recent rally to 1313 proved to be corrective leg because of three subwaves. We labeled it as wave four so fifth wave is now here and can stop near 1270. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
OANDA:XAUUSD
by ew-forecast
5
Elliott Wave Analysis: USDNOK Searching For ResistanceUSDNOK is higher as money shifts into dollar this week which is stronger and stronger, but still too early to confirm any significant change in trend. On USDNOK we see a three wave recovery from the low, so upside can be limited as pair trades close to former wave 4 swing resistance at 8.0094, that comes in near C=A level. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
Elliott Wave Analysis: Bears Taking Over On NZDUSDWe have changed our look on the NZDUSD and are now looking at a bigger five-wave bearish impulse in the making. We see first wave 1) as completed and second wave as well. Looks like wave 2) found a top at the 0.7435 level and current drop can be start of a bigger degree wave 3), that can unfold in days or weeks to come. Specifically we see sub-wave 1 of three in progress. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
1