USDCAD is reversing from the highs but it can be just another deep corrective retracement. Ideally price turned down into wave ii) that may find the low at 1.1180-1.1200 zone. Keep in mind that as long we have higher highs and higher lows formation from mid September, the trend is up. In our case the latest higher swing low is at 1.1078 so as long this price is in place we will continue to look for higher prices.
USDCAD 4h Elliott Wave Analysis…Continue
AUDUSD has been falling hard for the last couple of months from 0.9400, a move that is a considered as an extended wave 3 because of big and fast move. As such, we believe that pair is in impulsive downtrend, it means that decline from July high needs to be made by five subwaves. If that's the case then one leg is still missing; we expect a break down into a wave 5 towards 0.8500 area to complete wave A) later this month.
AUDUSD Daily Elliott Wave Analysis…Continue
USD Index has extended its losses in this week but only within a complex contra-trend move. We see a three wave decline from 86.85 with completed wave (b) at 86.10 so current leg down is wave (c) in 4 that could look for a support around 84.50 or maybe at 84.00 if move will go even lower. However, keep an eye on impulsive bounce from the low that would put market back in bullish mode.…
USDJPY has turned down from the highs at the end of September after an ending diagonal placed in wave v) that completed an extended wave 3. As such, a reversal from the high should unfold in three waves in wave 4. Well, we can already see price in wave (c) so contra-trend price action can be in final stages, especially if we consider slow price action and momentum in current leg down that is also testing 38.2% retracement level. With that in mind, price can bounce very soon up into wave 5.…Continue