Vivaico Elliott Wave Forecast 26/03/2015

Ville Vainio

After a spike above 1.105 EUR/USD has declined over 100 pips and this is in line with the view that this was just another corrective move up. It is too early to confirm that this is indeed going to decline below the minor wave 3 bottom at 1.0462 but my view is that there is going to be another wave down to new lows.

On the upside if this turns around and completes 5 wave structure the view of bullish reversal gets stronger.

EUR/USD 4 Hour Chart

Similar price action with GBP/USD as in EUR/USD, a little spike and a turnaround. My preferred count suggests that this is going to decline in 5 waves going below 1.4663 to new lows. On the upside I see critical level the 1.5148 FOMC peak.

GBP/USD 4 Hour Chart

USD/CAD made a new low today but did not go past the support zone at about 1.2387. I see this recent decline as correction on the way up. My preferred count suggests that this might have upwards potential still left. First target on the upside would be to go past resistance zone at 1.2663 and then to new highs.

If USD/CAD continues to decline, I see 1.2387 as critical level for the bearish view.

USD/CAD 4 Hour Chart