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…

As per Elliott Wave Analysis, sharp impulsive reversal higher in this week suggests that AUDUSD found a temporary low and completed an ending diagonal in wave 5 with a throw-over formation. Throw-over occurs when volume is high in the fifth wave that approaches its lower trendline of the pattern, and extends slightly beneath it before reversal occurs. As such, the wave count is now pointing higher for a minimum three waves retracement back to former black wave four levels;…

Let's take a look at the USD/JPY chart.



We just completed our forecasts for FX Street's technical forecast and it looks like we may see a little more downward actions towards the 75.00 mark. Once we see the downward movement complete, then look for a move back up to test the 80.00 area and above.



Good luck with trading and be sure to check out our technical forecasts along with other top FX Street analysts.…

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Let's take a look at the EUR/USD as we work on our FX Street technical projections.



We see some pretty strong trend lines in the daily chart and it looks like we're potentially going to see a little more selling action to test some of these lower trend lines.



Look for the pair to test the middle trend line (on chart). If we see a strong break of the trend lines, then we may see a continuation down to the 1.2500 area then to the 1.2000 area (test the low…

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Let's take a look at the GBP/JPY.



The currency has been in a steady decline since early June and there may be a little more downward movement coming.



We are approaching the low from 2009 around the 118.75 level. If we can break and break away from this, then look for the pair to potentially continue to the 118.00 price leve and below.



Good luck with trading.…

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Let's take a look at the GBP/USD daily chart.



It does seem like we're potentially poised for a longer term downward movement so hold on tight.



Here are the GBP/USD projections for our technical anlaysis.



Week - 1.5500

Month - 1.5200

Quarter - 1.4800



To see our other projections on the majors as well as projections from other top FX Street analysts and traders, visit the…

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Let's take a look at the AUD/USD.



With the big move down we saw in August and the month-long upward retracement, it looks like we're potentially looking to start moving back down in the longer term.



In the shorter term, look for the pair to potentially move up to the 1.0600 - 1.0700 area. Once the retracment is complete, look for a move back down to the 1.0400 level and below.



Good luck with trading.

 …

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Let's pull up the EUR/GBP chart.



Keep in mind this is a daily chart but you can see how the pair playing nicely within the larger trendlines.



As for the currency, in the shorter term, it looks like we're forming a potential triangle so once complete, look for a potential push up to the .8900 level and above.



Good luck with trading.

 …

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Let's take a look at the USD/JPY.



In the shorter term, there is still more potential room for downward movement. However, once the downward movement is complete, look for a potential move back up to test the 78.00 price point.



We did show more bullish movement in the longer term in our Forex Street technical analysis, however, we're stuck in this sideways channel and we'll maybe see a break in the next week or so - perhaps with NFP.



To view…

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Let's take a look at the GBP/USD chart.



The longer term trend does appear to be potentially bullish, although we may see a retracement to test the two lines drawn in.



Once we see the downward retracement end, look for a continuation back up. If you're currently in a long trade, look at protecting some pips and to potentially re-entering the trade at a better price.



Good luck with trading.

 …

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Let's pull up the AUD/USD chart.



The overall sentiment appears to be bearish, but there may be a couple scenarios which could unfold in this market.



1) We could have seen the 3 wave retracement (pretty easily countable) and am now heading back down.

2) We could form a potential Contracting Triangle (CT), which means we may see more sideways and even bullish movements, however, when that triangle completes, we will see the contiuation back…

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Let's take a look at the EUR/JPY.



We are currently seeing a downward movement in the hourly chart as we hear through the Asian session, however, look for the pair to potentially turn upwards around the European and New York sessions.



Look for the pair to potentially head down to the 110.00 level. Once it completes it downward movement, then look for the pair to potentially head up, watching for a price target point of 110.60, then 111.15.



Good…

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Let's pull up the EUR/USD daily chart.



It's always important to analyze your data over various time frames and when we pull up the daily chart, we can see a potential contracting triangle (CT) forming. As you know, we refer to contracting triangles as "continuation" triangles.



We see a move up, then a triangle forming. Look for a potential move up. In the longer term, look for a move up to 1.4500, 1.4800 and 1.5000.



Good luck with trading and be…

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Let's pull up another one of our favorites - the EUR/GBP.



We've seen a lot of sideways movements with periodic breakouts here and there.



It does look like the pair does have more room to potentially push up. Look for a potential price target area of .8850. If we can break above that, then look for a potential price target of 89.00 and above.



Good luck with trading.…

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Although we did a EUR/USD anaylsis a little while ago, there's been a lot of inquiry regarding this pair because of the big recent moves in the market.



If you look at the 4 hour chart, you can see we're forming a potential Contracting Triangle (CT). CTs are also called "Continuation" triangles.



Once the triangle completes, look for the pair to potentially move back up to test the high from early May (around 1.4900) and above.



Good luck with…

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Let's take a look at the AUD/JPY pair.



It looks like the pair is in a sell bias for the longer term.



We just saw the pair hit a trendline of lows and bounce back up. If we do see a retracement, look for the pair to potentially retrace into the yellow zone.



We are already short on this and have pips protected so if you're already in a sell trade then be sure to protect some pips and look to re-enter if we see a strong retracement off the bottom…

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Let's take a look at one of the crowd favorites - the EUR/USD chart.



We just completed our technical analysis of this pair for the following weak, month and quarter and it appears the momentum may be shifting to the downside.



We're below that major resistance trend line and look for the pair to potentially heading down to test the 1.4000 area and below. If it can break through all this sideways movement to the downside, we may see a nice move down.…

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Let's take a look at the USD/CHF.



We've been in a downward movement for a while now and, for the shorter term, it looks like it may potentially continue.



We drew in a trend line - look for the pair to potentially move down to test that bottom trend line. Look for a potential target point of .7850 and below.



Good luck with trading.…

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Let's take a look at the GBP/CHF. We've seena steady move down from the beginning of April and it looks like we're potentially on the last leg of the push down.



We may see a potential retrace up before we see the move down. If it does push up, look for it to test one of our trend lines.



Look for the pair to continue down to the 1.3050 - 1.3000 area and below.



Good luck withe trading and be sure to apply your money management as well as your…

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Let's take a look at the USD/JPY chart.



We've seen a recent downtrend and many are wondering when it's going to start to turn.



Well, we may be near that potential turning point. Looking on a longer term scale, the pair may retrace back down all the way to 75.00, however, once the downtrend fizzles out, then look for a turn to the upside to hit up to the 83.00 level and higher. If we see a strong upward movement, we may see the pair go up to the 87.00 -…