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Impulsive

Elliott Wave Analysis: AUDUSD Aiming At 0.7430Commodity currencies are very bearish today, with AUD one of the weakest following Monetary Policy Meeting Minutes. AUDUSD pair fell towards 0.7500 area that has been technically expected as we recognized a five wave drop from 0.7676 high. We however believe that pair can go much lower if we consider that pair can be in wave three now of an impulsive bearish reversal. If that's the case then looking towards 0.7430 target is reasonable while 0.7605 holds. www.ew-forecast.com @ewforecast
Short
by ew-forecast
1
GBPJPY UPDATE III: Price Continuing HigherAs we can see on the updated chart from yesterday, we see that price made a nice correction in wave (iv), and then made a nice reversal higher near the 38.2 Fibonacci projection, which usually acts as a support and a turning point for fourth wave corrections. Anyhow we now believe price can still reach higher levels within blue wave iii around the 1.618 and 2.0 Fibonacci ratio, before a possible higher degree correction can kick off. www.ew-forecast.com @ewforecast
by ew-forecast
3
GBPJPY II: Temporary Correction Within Bullish MomentumOn the 1h chart of GBPJPY, we are observing a nice impulsive structure taking place, from recent lows where we labeled the start of a new bullish cycle. That said we believe that this strong upward action may be blue wave iii-circled, which can reach even higher levels, but only after a temporary correction in sub-wave iv unfolds. If price reaches the upper corrective channel line around 134.59 area, then pair could already be trading in a higher degree corrective wave iv-circled. www.ew-forecast.com @ewforecast
by ew-forecast
Elliott Wave Analysis: CADJPY In A Intraday PullbackOn the intraday chart of CADJPY we are observing a nice A-B-C pullback taking place, after pair completed a five wave impulse towards 80.85 level. As we know after every five wave move a three wave contra-trend movement follows, so now we believe recent reversal could be wave A, with black wave B in the making. Possible support for this pair could be around 78.36-79.00 zone, where Fibonacci ratios can come in play and act as reversals higher. www.ew-forecast.com @ewforecast
by ew-forecast
2
Elliott Wave Analysis: GBPJPY Looking Higher; Aiming For 137On the intraday chart of GBPJPY, we are observing a nice three wave impulse from the lows at 128.55, from where a possible new bullish cycle has started. For now we think that price is trading in red wave (iii) as part of a strong blue wave iii-circled. We see that price recently traded above the upper corrective channel line, which can mean that more upside is in store for this pair, and that after blue wave iii is completed, the upper corrective channel line can act as a support for blue wave iv. www.ew-forecast.com @ewforecast
Long
by ew-forecast
Elliott Wave Analysis: CADJPY In A Higher Degree Zig-ZagOn the Daily chart we see that CADJPY is trading quite nicely to the downside, in a higher degree of a zig-zag labeled as black a-b and c, that could be in final stages. We see that price reached lower levels in the last leg c, and is now trading in blue sub-wave 3, which can find a support and a possible turning point into wave 4 around the 1.618 Fibonacci ratio. A zig-zag is a 3-wave structure labeled A-B-C, generally moving counter to the larger trend. It is one of the most common corrective Elliott patterns. www.ew-forecast.com @ewforecast
by ew-forecast
3
USDMXN: Nice Impulsive Momentum Could Slow Down For A PullbackOn the intraday chart of USDMXN, we are observing a nice bullish momentum taking place, that could face a correction soon, if the labeling is on track. We believe that this strong rally from 18.310 is wave 3, that could be completed as price touched the 2.0 Fibonacci ratio, which could suggest that a correction could be underway in wave 4. If price goes into a correction, then the next possible reversal higher for the wave 5 would be around the 0.5 and 0.382 Fibonacci ration, where these projections could act as supports higher. www.ew-forecast.com @ewforecast
by ew-forecast
2
EURGBP Update II: More Upside Could Be In StoreOur EURGBP made a nice turnaround higher from red wave C lows, completing the higher corrective zig-zag. Now as we see price made a nice impulsive structure to the upside, resulting as a probable new bullish cycle, that may reach 0.8420 zone, before turning to the downside. That said, we are now ideally in the last leg 5, which can move towards the 1.618 Fibonacci ratio. Invalidation level is at 0.8297 - as long as it holds we are looking to the upside. www.ew-forecast.com @ewforecast
Long
by ew-forecast
Continuing to Ride the DowntrendSince mid 2015, USDJPY has seen significant declines--recently hitting the 104 handle. With that said, there is no indication of any kind of slowdown or potential reversals to the upside given the recent impulsive-corrective structure on the daily to intraday charts. As seen on the chart, the red boxes highlight the impulsive moves that consistently create new lows while the green corrective areas are consolidation areas with weak price action before the trend continues to head lower. We have recently hit another consolidation area between the 103.5 - 105 level aka another correction zone. Price looks like it is consolidating in anticipation for another move to the downside. The upper end of this consolidation zone around 104.5-105 offers an excellent opportunity to join in on this very prevalent downtrend. Conservative traders can target the lower end of this range at just above 103.5 as their target while more aggressive traders can look to continue riding this trend. If you agree with this analysis, hit the thumbs up. If you want more content like this, follow me. Message me with any questions you have or comment. Happy Trading, Nazar.
Short
by NBent
5
Elliott Wave Analysis: EURAUD In A Possible New Reversal HigherEURAUD bounced sharply from the the Fibonacci support area of 38.2. Price is now trading close to the upper corrective channel line in the impulsive wave 1 to the upside. We will wait for an ideal break above the upper channel line, which can indicate more gains in sessions to come. A possible long trade on this pair could be made, but after we see wave 1 and corrective wave 2 formed. www.ew-forecast.com @ewforecast
Long
by ew-forecast
2
Elliott Wave Analysis: EURAUD May Face A Reversal Around 1.5000EURAUD is still trading in its time consuming corrective pattern, labeled as an A-B-C. We are tracking this A-B-C pullback after a nice five waves up had unfolded from 1.443 area. For now we believe that price may still go lower in wave C, as only four sub-waves have been displayed. Wave C could hit support around 1.500/1.515 region, where Fibonacci ratios of 38.2 or 50.0 can act as turning points higher. www.ew-forecast.com @ewforecast
by ew-forecast
Elliott Wave Analysis: USDCHF May Continue Higher; 1.000 In ViewStrong reversal since start of May from 0.9442 is very sharp and fast without any important overlaps, so we see market making an impulsive run. Impulses are five wave patterns that move in the direction of a bigger trend, so we assume that new bullish cycle is now unfolding. As such, we are looking up after any set-back on the 4h time-frame. At the moment we see a corrective move down from the highs which appears to be red wave 4) that might be over, as three sub-waves A-B and C already unfolded. As such formal wave 4 and Fibonacci ratio of 38.2 became supports and could now ideally push prices higher. www.ew-forecast.com @ewforecast
by ew-forecast
1