AUDUSD is trading south as expected after only three wave rally from 0.9327 up to 0.9470. We labeled that move as wave (ii)/(b), so in eihter case we were looking for a drop to a new low of July. 0.9327 has been taken out now it means that new bearish impulse is now underway, ideally we are in blue wave (iii) of an impulse and not wave (c) of a correction, but in both cases we expect a drop down to between 0.9220-0.9250 area as projected target for the near-term swings.…Continue
EURUSD keeps trading lower, now at 1.3400 level where pair could find some support and rallied into a correction. The reason is five waves of decline from 1.3640 which makes an extended structure of wave iii). As such, rally is expected show up in wave iv) that may retrace even back to 1.3460-1.3480 area before downtrend resumes within wave (iii) of a larger degree. Generally speaking trend is down, while any rallies will be part of downtrend and limited on the upside.
USDCAD moved sharply up from 1.0628 two weeks back which can be wave (iii) of a new bullish impulsive cycle. The reason for bullish view is also current slow price action around 1.0730 that has characteristics of a corrective move within uptrend. ideally it's wave (iv) as part of wave 1 that may reach level around 1.0800 in the next view days.
USDCAD 4h Elliott Wave Analysis…Continue
NZDUSD made five waves of decline from 0.8834 high, which has been high for the year so far. Well, this peak may stay there for some time now as impulsive decline like this confirms a change in trend. With that said, we see NZD in bearish mode now, meaning that we will be looking for even lower levels after any corrective rally. The first (a)-(b)-(c) recovery can already be unfolding now back to 50-61.8% retracement level from where we will pay attention to downtrend continuation signs and…Continue