Elliot_Myers

Elliot_Myers

The pair is heading towards the 76.40% fib level where a correction is highly likely given the upward pricing trend and the historic fierce resistance at 0.77000 and below - keep your eyes on a buy set up when price re-tests 0.77.

Elliot_Myers

Steep correction fro wave 2-3 into wave 4 which is now in view at 1.11433. At this point price can correct back into the upward structure to the 1.14635 level and beyond or it can break down further to 1.11000. With high event risk next week price is likely to consolidate between 1.12189 and 1.11433 before a news release acts a catalyst to force it up or...

Elliot_Myers

Price action likely to consolidate around weekly resistance at 39.63 before advancing to the next weekly resistance at 49.08 before pushing upwards to 50.68 where the physiologically important $50 oil mark will likely cause the liquidation of long positions and a sharp correction downwards. Buy entry point at any failure to break before between 42.32 - 41.42

Elliot_Myers

Potential downside set up with poor US news being the catalyst for a correction from wave A - B (50% fib 11912 area) for a resumption of the down trend towards wave C (monthly resistance at 11720).

Elliot_Myers

Wave 3 completed Thursday with wave 4 now in sight at the 1220.00 - 1210.00 level where a failure to break the daily trend line and/or weekly support indicate an impulsive upwards wave towards 1283.71.

Elliot_Myers

UK Construction is not the nations strongest sector and a poor or below expected read is the most likely outcome, 4 of the last 5 reads have been below average. The likely outcome will be price continuing to head down and challenging a break of the historic consolidation zone around the 38.2% fib level. A good read will confirm trader sentiment last Friday which...

Elliot_Myers

Price hit resistance at the top end of the 1.14 range where historically gains to the upside have been sort lived and unable to hold. A retracement down to the 50% fib level where price will likely consolidate pending the FOMC minutes that'll shed a lot more light on the dovish tone set by Yellen last week is the likely outcome for Monday - Tuesday as bulls can...

Elliot_Myers

Price has rejected the weekly trend-line with a hammer candle indicating a sell opportunity. The Swiss has a safe haven status and as this week has a lot of event risk and non farms for the Dollar it is likely that investors will hedge the Swiss as a proxy for Gold against the upcoming risks associated to the Dollar.

Elliot_Myers

Yen long positions on the futures market are at record highs and historically any high risk event to the dollar supports the Yen as investors seek to protect themselves from uncertainty. Price rejecting the 50% fib level and an interesting candle formation lead to a reasonable conclusion that further downside gains are to be made this week. Poor US news will...

Elliot_Myers

US news dominates this week and therefore waiting for how price reacts at key levels is key to success. At present price has rejected new lows and is hinting at a retracement which will likely be to the 50% fib level. With that said a continuation of the downward trend cannot be ruled out with Yellen due to speak Tuesday afternoon and Carney Wednesday morning,...

Elliot_Myers

As it's a non farm week markets will historically trade sideways pending the release of Friday. The weekly close below the 61.80% fib indicates further downside gains with a rest of the 200EMA and 50% fib likely. At this point it's likely price will break or correct at the 50% fib level towards the 76.4% or 38.2% fib levels where it will likely consolidate until...

Elliot_Myers

I hope you saw my short set up yesterday and caught a good amount of pips from today's sizeable break down. Price action is likely to retrace to the 50% fib level and consolidate before continuing downwards, it may extend beyond the 50% fib as there are now high level news events for the dollar or sterling tomorrow to spur more selling. My view is that entries...

Elliot_Myers

Elliott Wave 4 confirmed at failed break of the 76.4% Fib level. Brexit fears weight down optimism as well as a a key member of the British cabinet provoking a cross party spilt of the ruling Conservatives. CPI data tomorrow is not expected to be highly positive and a poor read should confirm a lower close for Tuesday. There are event risks with the ZEW...

Elliot_Myers

Price has broken, re-tested and failed to re-enter the inner trend line. As we see often on a Monday price will recover to a key zone (blue box) before becoming exhausted and returning downwards. FOMC will mean this pair will trade with higher volatility this week, especially given that the Swiss can be traded as a proxy for Gold. Trade with added caution this week.

Elliot_Myers

The pair has traded tightly between the 74.6% fib and 38.20% fib for 2 weeks now which means that a catalyst event like the FOMC meetings Wednesday has the potential to set break the range bound trading. Keep a close watch on your Fib levels for Wednesday and trade on the correction when/if a breakout occurs to either side.

Elliot_Myers

A strong bullish break out of the daily trend line on Friday. A pull back down to the 61.80% Fib level is likely Monday before price begins to head higher. FOMC is due Wednesday so trade with added care as this pair will experience higher volatility for the week.

Elliot_Myers

On a purely technical basis price should seek to re-test to 1.11 area Monday before continuing upwards. This is an FOMC week so markets will be on edge for the meeting Wednesday, with this in mind trade with added caution.

Elliot_Myers

The ECB meeting has triggered an upside break above the daily trend line. Price will pull back inside the trend line and most likely to the 50% fib level at 1.42514 before breaking becoming exhausted which will present a long entry. Price is likely to advance to the 76.40% fib level before it becomes exhausted and is likely to consolidate pending another...