Currently we are at 0.9788 trying to break out of a bear flag..  We are looking for an initial move to the double bottom @ 0.9711  then a continuation up to the S7 support  @ 0.9596. Watch for a bounce there. The current average daily trading range (ATR) is 101 pips.…

Morning traders,

The markets are in a reversal mode since Sunday open, which has also been in our view yesterday based on our wave counts. There was no real action on the FX market in the last few sessions; prices are very slow and choppy so we think that pairs reversed into a corrections, which we also highlighted in our latest video (members only).

While the FX market was slow, traders were focused on some other markets, like stocks and precious metals. We have seen…

Currently we are at 1.2852.  We have had  a small retracement at the S5 so are looking for the continuation to the Day chart bottom @ 1.2738 and then the 1.618 support  @ 1.2710. We are bearish.    The current average daily trading range (ATR) is 109 pips.…

EURUSD once broke lower on Friday and hit 1.2800 level that we were focusing on already a week back. Now we can count five waves down in wave 3 from 1.3195 peak which means that bottom could be near. Notice that price also tested 200% extension level of wave 1 measured from wave 2 high which could also react as a support in wave 3. With that in mind, EURUSD could make a corrective bounce this week in wave 4, back to 1.2935 before new sell-off occurs. If 1.2800 is out then watch out for the…

Currently we are at 0.9733 on the 1.270 fibo.  We are looking for a continuation down to the 1.618 Fibo support @ 0.9665. Market has a tendency to square up on Friday so be aware of that in the mix.  The current average daily trading range (ATR) is 87 pips.…

We turned immediately bearish on GBPUSD after recent sharp decline through the trend-line connected from March lows which is important evidence for a completed corrective wave II at 1.5600 area. In fact, decline from latest high has a personality of an impulsive price action so we believe that pair is headed lower, ideally towards 1.5000 in the near-term as latest minor pull-back was probably wave 4 of wave 1) in progress.

GBPUSD DAILY…

Currently we are at 1.2910 reacting to the Announcements.  We are looking for a small retracement to the 0.500 Fibo @ 1.2936 and then on to the 1.2800 number.  The retracement could end up a pullback to the S4 @ 1.3011 so keep that in mind. The current average daily trading range (ATR) is 105 pips.…

German, French and Italian Prelim GDP numbers were worse than expected, 0.1%, 0.2% and -0.5%. That’s very bad data which is also evident on the charts as EURUSD is testing 1.2900 level. This level is now key for further declines today, possibly to 1.2800 after also worse than expected EU Flash GDP numbers; -0.2% vs. 0.1%

Technically speaking, we can see EURUSD trading below 1.2936 which means that latest correction is done around 1.303. Now the only question is if we will get sharp…

Currently we are at 0.9914.  We are close to our  S6 target (0.9889) and looking for a small retracement on the bounce and then a continuation to the (psychological) support @ 0.9800.  The current average daily trading range (ATR) is 87 pips.…

Currently we are at 0.8274.  We are looking for a sideways move and then a break to the confluence of the S5 and 2.618 Fibo @0.8200-8214 area.  The current average daily trading range (ATR) is 88 pips.…

Currently we are at 1.2995.  IF we can break this support, we are looking for a continuation to the support @ 1.2892 and then the S5  support  @ 1.2868. The current average daily trading range (ATR) is 110 pips.…

Currently we are at 83.61.  We are looking for a break above the  R3 @ 83.71 and then a continuation up to the R4 resistance @ 84.60. The current average daily trading range (ATR) is 139 pips.…

Currently we are at 129.79..  We are looking for a bull flag breakout above 130.00  to the 3^rd wave resistance (R5)  @ 130.82  then a continuation up to the resistance @ 131.15.    The current average daily trading range (ATR) is 193 pips.…

Currently we are at 1.2908. We are looking for a retracement and  then a continuation up to the Wave 1 R6 Resistance @ 1.2975 then the R4 Resistance later @ 1.2967. We are bullish.    The current average daily trading range (ATR) is 106 pips.…

Currently we are at 1.0236..  We are looking for a breakdown to the  lower trend wall at around 1.0176 and then a small retracement for a continuation to theS5 support  @ 1.0116.  The current average daily trading range (ATR) is 76 pips.…

[EURJPY is testing April trend-line resistance. A break out of the range and through 130.65 would be bullish for the pair.

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Currently we are at 1.2760  and the C part of an A-B-C should get underway after NFP  .  A couple of different scenarios.  1:  a bounce @ 1.2750  for a double top @ 1.2850.  2: A break of the uptrend line would trigger shorts to at least the .214 Fibo support @ 1.2626. The average daily true range (ATR) for the pair currently is 103 pips.…

USDCAD fell sharply lower in this week from 1.0082 where pair formed a top of wave (c) as a part of a very tricky complex correction called an expanded flat. However, we need to respect the current price action which is looking impulsive to the downside. As such, we are tracking five waves down in wave C that could reach parity in the next few days, once corrective wave (iv) finds resistance, ideally around current 1.0100/1.0130 zone.…

Currently we are at 83.36  and the long awaited bounce has occurred  .  We are looking for a break of the wedge and then a move above the 83.65 would target  the R5 @ 84.32.  After that a continuation up to the 0.214 fibo  @ 85.16.  The current average daily trading range (ATR) is 158  pips.…

Currently we are at 97.12  and the long awaited breakout has occurred .  We are looking for a small retracement back to the 618 Fibo@ 97.47 then a continuation first  to the top  @ 96.83 and then the S5 Support @ 96.18. The current average daily trading range (ATR) is 120 pips.…