Trendsharks

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...

Trendsharks

The price action of the EURGBP is currently probing a major support-turned-resistance level at 0.84250. A reversal from this threshold would likely indicate the continuation of the broader downtrend, which was initiated following a breakdown below the Pennant. The strength of the downtrend is underpinned by the ADX indicator, which is threading above its 25-point...

Trendsharks

The economic calendar for next week looks relatively uneventful, which is likely to result in diminished trading activity. Under such conditions, the price action is likely to consolidate in a new Accumulation range, as postulated by the Wyckoff Cycle theory. Such a range is likely to span between the major support level at 1.12700, underpinned by the recent...

Trendsharks

The price action of the GBPJPY is developing a broad downtrend, which was temporarily suspended following the emergence of a bullish pullback from the 61.8 per cent Fibonacci retracement level. This pullback now looks completed as the price evidently reversed from the 38.2 per cent Fibonacci. This assertion is further substantiated by the fact that the...

Trendsharks

The downtrend of the EURAUD, which commenced following a reversal indicated by the Head and Shoulders pattern, looks poised to continue sliding lower. This was indicated by the recent Dead Cat Bounce from the 61.8 per cent Fibonacci retracement level at 1.57112. The price action is now likely to head towards the previous swing low at 1.52680. This is part of the...

Trendsharks

The price action is currently attempting a breakout above the Re-Accumulation range, in what could result in a new Markup. Traders can look for an opportunity to go long just above the range's upper boundary (at 153.600). They can place a stop-loss just below the 300-day MA (in purple), currently at 153.360. The first target is the 38.2 per cent Fibonacci...