USD/CAD Rectangle Consolidation Above Ascending Trend Line

Nenad Kerkez

The USD/CAD has been consolidating within the rectangle range above M L3 pivot point. Consolidation is also between the W L3 and H3 above the ascending trend line, so I assume the price is still bullish. 1.2760-1.2787 is the POC zone and we might expect a bullish bounce once the price retests the zone. However, if the candle breaks and closes above W H3 -1.2932 we should see a continuation to the upside targeting 1.2980 and 1.3060. more…

USDMXN And GOLD Looking For A Turn

Grega Horvat

USDMXN is trading bullish since 11th of May, where a higher degree correction found a base. After that a new five-wave impulse begin to unfold, which we think can be part of a bigger blue wave five. That said, we specifically see price unfolding a final five-wave recovery from 19.5058 level, which can look for a top and reversal around 20.050/20.1800 region, where Fibonacci ratios of 161.8/200 can act as turning points. more…

AUD/USD Rises As US-China Trade War Fears Recede

Fawad Razaqzada

The Australian dollar has been among the strongest of currencies out there today, helped along by a rally in base metal prices. The commodity currency rose in what started out to be a “risk on” day for the markets with global stock indices rising sharply after the US and China backed down from a full-on trade war at the weekend. With China being Australia’s largest trading partner, any positive development for the world’s second largest economy is thus positive for Australia’s export. However, the Italian stock and bond market sell-off held back risk sensitive assets a little, although it wasn’t enough to stop the UK’s FTSE 100 from hitting new all-time highs today. But in the US, the stock markets couldn’t sustain the early rally although the indices were still in the positive territory at the time of writing. Meanwhile the US dollar gave back its earlier gains as the slight risk-off tone in the second half of today’s session supported the likes of the euro, Swiss franc and Japanese yen. Even gold managed to catch a small bid more…

USDJPY Elliott Wave View: Ending 5 Waves Impulse Soon

Daud Bhatti

USDJPY Short-term Elliott wave view suggests that the pullback to 108.62 on 5/04 low ended Minor degree wave 4. Above from there, the rally is unfolding as a 5 waves Elliott Wave structure, also known as Impulse. It’s important to note that the sub-division of Minor wave 1, 3 & 5 are also impulsive in the lesser degree. The subdivision in this case is wave ((i)), ((ii)), ((iii)), ((iv)), and ((v)) in Minute degree. more…

Could BoE Inaction Propel FTSE To Fresh Record?

Fawad Razaqzada

The UK’s FTSE 100 index has had an amazing run of late, outperforming many of its peers. It has been supported above all by a weaker pound after a run of poor economic pointers sharply reduced the probability of a Bank of England rate increase in May. Just a few weeks ago the BoE was widely expected to increase interest rates 25 basis points today, which now looks highly unlikely. As speculators priced out the prospects of an imminent rate increase from the BoE, this weighed heavily on the pound which helped to underpin more…

EUR/USD Regular Bullish Divergence In 4h Timeframe

Nenad Kerkez

The EUR/USD has reached W L4 support and we can see that the price has established a bullish divergence. If the 4h candle doesn’t close below the W L4 – 1.1834 we might see a bounce to the upside possibly targeting W H3-1.2022 and W H4 – 1.2085. However 1.2050-85 is the zone for short sellers. If the price rejects from the zone, targets should be 1.2022, 1.1964 and 1.1897 that would complete a W L3 retest. more…

BTCUSD And ETHUSD Both Looking Up

Peter Adamson

Bitcoin is moving sideways around 38,2% Fibonacci retracement after that nice move up last month, so it’s wave 4 that can be either a three-wave pullback down to 8400 level or even a triangle, if price will stay slow and trapped in a range. Both are corrective patterns, continuation patterns that can send price back above 9750 level. more…

Crude Oil And USDMXN Analysis

Grega Horvat

Crude oil can be unfolding a third wave of a decline, which can be labelled as wave c, leg that can look for support and a turn higher around the 66.55 region. 66.55 area is the first region of support (Fibonacci ratio of 100.0 compared to wave a), while 65.59 level is the second region of support, where bulls can slow down. more…

EURUSD Still Trading Sideways

Daud Bhatti

Short-term EURUSD Elliott Wave view suggests that the pair remains in a sideways triangle range between 1.2554 and 1.2153 levels as mentioned in the previous post here. Until we break out of the range, we look for the sideways price action to continue. Triangle doesn’t have any particular trend, but it is generally a continuation pattern, thus the pair likely thrust higher to continue the previous bullish trend after the sideways action is over. If we take a look at the previous cycle from January 2017 low. The pair shows a higher high sequence thus the pair is favored to trade higher once triangle consolidation is complete. It’s important to note that the Triangle is labeled as A,B,C,D,E. more…

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