USDJPY has reached levels around 119 in this week so we see pair forming an extended structure, now in wave 5 that needs to be made by five waves. For now that is still not the case from 115.45 wave 4 low, so traders must be aware of even higher prices in sessions ahead, close to 120 psychological figure. We would call end of a bullish swings only if 116.34 support would be taken out.
USDJPY 4h Elliott Wave Analysis…Continue
USD index has turned back to bullish mode in mid-October, but now again moving sideways after hitting a new high last week. We have seen market pulling down into wave (iv) that can be already done at 87.20 support; near former wave (iv) and at 38.2% Fibonacci level. With that said, traders should be aware of a new leg higher in days ahead. Invalidation level is at 86.04; as long it will hold the trend is up.
USD Index 4h Elliott Wave Analysis…Continue
AUDUSD has recovered more than 200 pips from the low but its turning bearish from Nov 2nd filled gap that turned into a resistance. We have seen this many times before, when gap causes a reversal so we are not surprised to see AUDUSD in a set-back. We see pair moving down now in three legs for wave B that could be looking down for a support around 0.8640.
AUDUSD 4h Elliott Wave Analysis…Continue
No change on GBPUSD; recovery is still slow and choppy from 1.5617 so it can be a correction as part of incomplete weakness. Be aware of a new bearish turn down, while 1.5735 high is in place. resistance is seen at 1.5670/90 area.
GBPUSD 30min Elliott Wave Analysis
AUDUSD spiked to 0.8680…