Trendsharks

Trendsharks

The price action of USDCNY is currently establishing a major Accumulation range, as postulated by the Wyckoff Method, between the support level at 6.3450 and the 23.6 per cent Fibonacci retracement level. The completion of the preceding downtrend, underscored by the descending channel, is confirmed by the completion of a 1-5 Elliott impulse wave pattern. A...

Trendsharks

The price action is currently establishing an ABC correction following the completion of the previous 1-5 Elliott impulse wave pattern. Once the correction is completed, the price action is likely to continue appreciating. Bulls should look for a potential rebound in one of two places: either from the 61.8 per cent Fibonacci at 0.83387 or the lower limit of the...

Trendsharks

The price action of EURUSD continues to consolidate in a tight range spanning between the major resistance level at 1.13850 and the major support at 1.12850. The range-trading environment is confirmed by the current reading of the ADX indicator, which has been threading below the 25-point mark since the 30th of December. Given that the latest upswing, taking the...

Trendsharks

Following the completion of a major bearish Elliott Wave cycle, which was forecasted by our previous analyses of the GBPUSD, the price action of the pair is currently establishing a bullish pullback. The pullback recently reached the 61.8 per cent Fibonacci retracement level at 1.35820, which is where a bearish correction is most likely to emerge from. It could...

Trendsharks

The price action of the pair is currently probing the major support area (in green) following Friday's weaker-than-expected non-farm payrolls data. The report prompted a breakdown below the 38.2 per cent Fibonacci retracement level at 1.27062. The dropdown, being mart of the second impulse leg (2-3) of a broader Elliott pattern, is likely to reach the 61.8 per...

Trendsharks

The price action of EURJPY is currently testing the 61.8 per cent Fibonacci retracement level at 131.212, which is where the next bearish correction is most likely to emerge. The next dropdown could fall as low as the 23.6 per cent Fibonacci at 128.909, provided that no rebounds occur from the 38.2 per cent Fibonacci at 129.789.

Trendsharks

The price action of the EURUSD pair just rebounded from the 23.6 per cent Fibonacci retracement level at 1.13389, as well as from the middle line of the ascending channel. Thus, the price action is currently in the process of establishing the final impulse leg (4-5) of a major 1-5 Elliott Impulse Wave Pattern. Bears can therefore seek to implement contrarian...

Trendsharks

EURGBP fell earlier today following the release of the UK's weaker-than-expected GDP growth rate numbers for Q3. The price action is currently probing the major support level at 0.84850, underpinned by the 300-day MA (in purple). At the same time, it appears to be developing a bearish 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. If the...

Trendsharks

Following last week's turbulent policy decisions of the FED and BOE, GBPUSD is once again falling. The downswing commenced following the completion of a major 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. Notably, this occurred at the 61.8 per cent Fibonacci retracement level at 1.33781. This week began with a breakdown below the 23.6 per...

Trendsharks

The price action of the EURUSD started developing a new uptrend after a breakout from the major Bullish Pennant at the dip of the preceding downtrend. The first target would be the 38.2 per cent Fibonacci retracement level at 1.13812. This threshold was recently crossed by the 200-day MA (in orange), making it a more prominent turning point. That is where a...

Trendsharks

As we had forecasted previously, the GBPUSD has started developing a new uptrend. This happened following a rebound from the 38.2 per cent Fibonacci retracement level at 1.31676. The reversal marked the completion of a major 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory, which substantiates the bullish expectations. Following BOE's policy...

Trendsharks

The USDCAD started falling after FED's December policy decision. The reversal was elucidated by the breakdown below the ascending channel and the 38.2 per cent Fibonacci retracement level at 1.28117. The next target for the new downtrend is the 61.8 per cent Fibonacci at 1.27336, with the intermediate support level at 1.27500. The latter is underscored by the...

Trendsharks

There is a confluence of bullish indications, all pointing to a very likely bullish rebound. The price action appears to have completed a major 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory, just above the 38.2 per cent Fibonacci retracement level at 1.31676. The price action also appears to have rebounded from the 600-day MA (in red), which...

Trendsharks

The price action of the EURCAD is currently attempting a breakdown below the 61.8 per cent Fibonacci retracement level at 1.43148. If it manages to break it decisively, the next target would likely be the previous swing low at 1.41700. The strong bearish bias is confirmed by the recent break of the 200-day MA (in orange) and the 300-day MA (in purple), as well as...

Trendsharks

USDCNY's downtrend accelerated earlier today following the release of the surprising crunch in China's trade surplus, underpinning falling global demand. The downtrend is taking the form of a 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. Seeing as how the price action is currently in the process of developing the final impulse leg (4-5), a...

Trendsharks

The price action of the USDCAD pair is developing a new Distribution range under the expectations of the Wyckoff Cycle theory. The range spans between the 23.6 per cent Fibonacci retracement level at 1.27085 and the previous swing peak at 1.28500. This is further substantiated by the fact that the previous uptrend, taking the form of a 1-5 Elliott impulse wave...

Trendsharks

The price action of the EURJPY is currently consolidating between the 50-day MA (in green) and the major support level at 128.450. A potential breakout above the regression channel's upper limit and the 23.6 per cent Fibonacci retracement level at 128.909 could then be followed by an upswing towards the 38.2 per cent Fibonacci at 129.789. The rising histogram of...

Trendsharks

The price action of gold is currently consolidating around the 61.8 per cent Fibonacci retracement level at 1780.92. A potential breakdown below it could lead to a test of the previous swing low at 1758.65, whereas a rebound from it could be followed by another attempt at penetrating above the 200-day MA (in red), currently underpinning the resistance level at...