Cable is at new lows as expected after we recognized a corrective pattern just above 1.5600 back in December. Pair fell sharply since then, clearly in five waves with current price already in fifth wave which means that sooner or later pair can turn into a correction. Ideally, we will see a retracement back into the wave (4) before pair can go even lower, then to 1.4500 area.
GBPUSD Daily Elliott Wave Analysis…Continue
EURUSD sold-off beneath 1.4 following ECB decisions regarding QE. We see pair in strong impulse down from 1.1680 that can be fifth wave, but that's not important at the moment. Important is the substructure of a current decline! We need five waves down which is not the case yet to be aware of more weakness in sessions ahead, close to 1.1150/1.1200 as long as 1.1562 invalidation level remains in place.
EURUSD 4h Elliott Wave Analysis…Continue
USDCAD is at new highs, now close to our 1.2100 projected zone where wave (v) could be looking for a top if we consider that it traveled the similar distance compare to wave (i). However, we need a decline back beneath 1.1900 to look for any top in place
USDCAD 4h Elliott Wave Analysis…Continue
Markets are still very slow across the board because of the holiday yesterday in the US. However, this may change today as normal volumes should be back. Based on USD view, we still see currency trading higher with more gains in view if stocks will continue up.
On EURUSD we have seen a bounce, but not so aggressive, not even impulsive. In fact, market slowed down at former wave four so new reversal could follow to the downside especially as EURUSD rally occurred during lower…