Wavepatterns
EURJPY and CHFJPY to head down moreFractology would like to advise a short-term selling opportunity for two pairs which are forming similar setups. These are EUR/JPY and CHF/JPY.
The charts on both pairs are in a corrective phase which is not finished. Therefore it would be beneficial to sell the breakout of the current small corrective flag.
If that happens tt would practically mean the continuation of wave C down in ABC flat move.
AUDUSD selling opportunityAUDUSD is struggling to go up and shows some signs of weakness compared to the previous downside impulse(see the arrow).
Apart from that, my USDOLLAR index analysis tells me that the chances of an upside correction are very high. Therefore you should look at dollar pairs as a chance for USD to strengthen.
AS for AUDUSD, If price violates the trendline of the pattern wait for a correction and sell.
EURCAD short opportunityEURCAD might follow the fate of USDCAD and break out from the corrective pattern.
If you have a technique to enter breakouts, sell when price violates a corrective pattern.
Beware of the low (horizontal line) and put your trade to breakeven for there might be one more up move.
GBP/JPY Long-term sell opportunity The most appealing option for me in this pair is to make another big move down to finish a large flat pattern.
The reasons I believe it might happen are the following:
1. The top of wave A has not been broken
2. The pair has made an impulse down near the top of wave A
3. The wave B has three waves inside
If you have a tested strategy, wait for a correction and sell.
Long-term EUR/USD bearish forecastEUR/USD is about to finish its move up and any bullish opportunities might be very limited. On the other hand I suppose it could start a big move down either to test the bottom or make another low.
This is necessary to complete the five wave structure down and probably start a correction of bigger degree up.
The structure itself is very complicated and requires an understanding of wave patterns.
Long for GBP/AUDMy analysis suggests there will be some "tectonic shifts" for AUD/USD and NZD/USD as these pairs prepare themselves for a down move which should have significant implications for AUD and NZD crosses. This why I am going to take every upside flag breakout for GBP/NZD, GBP/AUD, EUR/NZD and EUR/AUD.