GBPUSD moved even lower in this week, now beneath 1.6600 that can represent final stages of wave (v) in 3 that may seek for a support around 1.6500/1.6550. We still believe that rather sooner than later pound will turn up into a corrective rally. We will be tracking wave 4 then that can even move up back to 1.6680 before downtrend resumes. That kind of pullback in three legs would be a good one to join the trend.
GBPUSD 4h Elliott Wave Analysis…Continue
It seems that USD will finally continue higher against the EUR and CHF in the near future after recent impulsive structures. On the EURUSD we have seen a nice move down in the last 24 hours, away from 1.3400/1.3411 levels where we think that wave e) completed a triangle of wave (iv). Notice that price also moved through wave d) swing low as well as the triangle line, so we definitely expect lower levels soon. 1.3310 and 1.3260 levels area expected to be seen in sessions ahead.…
USDCAD has finally turned bullish after recent decisive break out of a downward channel a few weeks back. A break indicates a completed corrective decline from the high so we suspect that pair will stay in the uptrend now and return back 1.1270 highs of the year. We are bullish now on USDCAD as long as 1.0614 stays in place.
USDCAD Daily Elliott Wave Analysis…Continue
AUDUSD is reversing from the low, now trading well above 0.9300. In fact, rally from the low can be considered as motive wave that is part of a larger recovery. Therefore we think that pair completed wave 1/A as leading diagonal and that current recovery represents a temporary rally in wave 1/A that may look for a resistance around 0.9380-0.9400 area. From a bigger perspective we still assume that AUDUSD found its peak at 0.9504 back in July and that AUDUSD will break lower rather than…Continue