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Impulsive

GBPUSD Trading In A New Intraday Bearish CycleGBPUSD is trading in attempt to trace out 5 waves down from recent highs at 1.46631. We are looking for one more push down to complete black wave 1 and then anticipate a three wave correction in black wave 2 for possible short opportunitys. Later wave 2 could reach formal wave iv swing around 1.45440 which can react as a resistance and a turning point lower into wave 3. Invalidation level is at 1.45726, as long as it holds we are looking to the downside.
by ew-forecast
1
Elliott Wave Analysis: USDMXN In A Temporary PullbackIntraday structure of USDMXN suggest that a temporary top can be in place around 18.218, as price made a nice five wave move to the upside, from recent lows at 17.053. Therefore as we know, after every five wave move a minimum three wave retracement usually follows, as in our case recent broken channel support line could indicate a temporary bearish run, with red wave (A) or (1) already completed. Ideally price will continue towards the level of a formal wave four, where some supports can be found before again turning to the upside. www.ew-forecast.com @ewforecast
by ew-forecast
USDJPY: Intraday Pullback Could Lift Prices HigherMarkets are not moving much at the moment as traders awaits FOMC Statement tomorrow. As such, price action can be slow for another 24hours, but from a technical point of view we will stick our bullish USD view. On USDJPY below we see three waves of decline from recent high that can be wave four pullback that belongs to bullish impulsive wave three-circled which may reach 112.30-112.50 area this week, but only if 109.89 invalidation level is not breached. www.ew-forecast.com @ewforecast
by ew-forecast
4
AUDUSD: Bearish Reversal IncomingAUDUSD has turned down this week, through the support line from 0.7107 which is important indication for a bearish turn. As such, we assume that top can already be in place of wave red wave 5), so we need to be aware of more weakness ahead, but we still want that push beneath 0.7478 of a red wave 4) to make sure that we are on the right side. Also, notice that RSI has turned down from that divergence line which is nice indication for a bearish price action ahead. That said, that broken trendline can now turn into a resistance near 0.7660. www.ew-forecast.com @ewforecast
by ew-forecast
Impulsive Corrective Series Hints at potential upsideEURUSD has formed a series of impulsive and corrective moves that shows us exactly how much power the bulls currently possess. To clarify, impulsive moves tend to be "strong and fast" while corrective moves tend to be "weak and slow". This directly correlations to the strength of each party's hand. The bulls are in control right now. The push from the bulls are powerful while the pullbacks from the bears only exhibit weakness. Earlier this week we began a corrective move downwards that looks to be drifting toward the established support at 1.106 - 1.108. This is the same level where the first corrective move met heavy buying interest. This level has proven to be reliable in the past and provides an excellent opportunity to get long for the next impulsive leg. P.S. Beware of spikes in volatility around NFP this upcoming week. Like this idea? Hit the thumbs up. Want more simple trading ideas like this? Follow me. Post any questions you have in the comments. Happy Trading, Nazar.
Long
by NBent
5
Bullish reaction off role reversal levelWithin a steady uptrend, price initially struggled to break above the 38.5 level. However, the immense bullish pressure resulted in a breakout to the upside and a brief intraday pullback shortly after. Price preceded to create a new high and has pulled back to that same role reversal level (now support). It has formed a notable reaction hinting at potential upside. Conservative traders can seek to get long at current level and more aggressive traders can look to buy into another dip toward the support level. Like this idea? Hit the thumbs up. Want more simple trading ideas like this? Follow me. Post any questions you have in the comments. Happy trading, Nazar.
FX:USOILLong
by NBent
2