Tag Archives: USD

Further Strength In USDJPY

Daud Bhatti

USDJPY short term Elliott Wave view suggests that the decline to 104.54 low on March 26 ended Intermediate wave (3). Wave (4) correction is in progress as a double three Elliott Wave Structure. A double three is a 7 swing corrective structure with WXY label. In the case of USDJPY, minor wave W of (4) ended at 107.01 and minor wave X of (4) ended at 105.62. As near term pullback stays above there, expect pair to extend higher within wave Y of (4). more…

USD Index Daily And 4h View

Grega Horvat

Daily chart of US Index shows us a clear, five wave bearish impulse in the making since January of 2017, when a bigger correction as wave B was finished. This impulsive decline we labelled as wave C, final wave of an even bigger complex correction, that can be seen on even bigger time frames. Now, let’s be aware that despite this strong fall, that’s been going on for more then a year now, we think that bearish trend can be slowly ending. more…

USDJPY Can See Limited Downside

Grega Horvat

USDJPY is trading in a downtrend since end of October of 2017, which means bears can slowly start to slow down. Specifically, we see price ending corrective wave 4), the fourth wave of an impulse, which can be unfolding an EW triangle pattern. An EW triangle pattern is a complex correction, that usually unfolds prior to the final wave. This means once, corrective wave 4) fully show up, a new drop into wave 5) can be expected, which can later base on Fibonacci projection ratios find a low and a reversal near the 104.5 region. A rally in five-waves from the mentioned area would suggest a low in place. more…

USDCHF: More Upside While Above 0.942

Daud Bhatti

USDCHF Elliott Wave view suggests that the rally from 3.5.2018 low (0.9336) is unfolding as a double three Elliott Wave structure where Minor wave W ended at 0.9535. Below from here, Minor wave X ended at 0.942 and the internal subdivision unfolded as a smaller degree double three Elliott Wave structure. Down from 0.9535, Minute wave ((w)) ended at 0.9456, Minute wave ((x)) ended at 0.9494, and Minute wave ((y)) of X ended at 0.942. Minor wave Y is currently in progress as a zigzag Elliott Wave structure where Minute wave ((a)) should end with 1 more leg higher towards 0.954 – 0.957. more…

USD/CAD Bullish SHS Pattern For A Bounce Towards 1.3000 And Above

Nenad Kerkez

The USD/CAD has formed inverted head and shoulder bullish pattern. The right shoulder has been formed, however the price could still retrace down before a possible bounce. At this point the price might go straight up (from 1.2943) or retrace exactly to POC then bounce. 1.2895-1.2915 is the POC zone so pay attention to it. Targets are 1.2990 – confluence of W H5 and M H3 camarilla pivots. This is a strong resistance zone and the pair needs a 4h close above 1.3000 to proceed further up. In that case, it could even target M H4 in upcoming days. As long as the pair is holding above 1.2800 it is bullish. more…

S&P500 And USDCHF Intra-Day View

Grega Horvat

Stocks are much higher following better than expected US NFP reports on Friday, when E-mini S&P500 broke above 2760 resistance that we kept an eye on. Notice that index is actually today above Feb 27 high so it appears that recovery is still here and it may continue until it makes five wave up from 2648. Currently we see intraday bullish trend while price is above 2731/2740 area, aiming for 2830. more…

GBP/USD Congestion Zone 1.3866-1.3916

Nenad Kerkez

The GBP/USD has been consolidating within the 1.3866-1.3916 zone and we can see a clear congestion without any clear breakout to the upside. UK January CPI remained at 3.0% contrary to the 2.9 % forecast. Technically the price has been supported at 1.3866-76 and while the price bias remains bullish, the pair needs to make a strong 1h candle above 1.3920 in order to proceed further up. Clear break or 4h close above 1.3920 should target 1.3942, 1.3983 eventually reaching 1.4035 W H4 level. However a break below 1.3840 might go for a retest of 1.3799. more…

Dollar Index Near Turn

Daud Bhatti

DXY Short Term Elliott Wave view suggests that Intermediate wave (3) ended at 88.44. Up from there, Intermediate wave (4) bounce is in progress as a triple three Elliott Wave structure. Rally to 89.64 ended Minor wave W, Minor wave X ended at 88.55, Minor wave Y ended at 90.03 and Minor second wave X ended at 89.48. Cycle from 1/26 low is mature and Intermediate wave (4) can end any moment. However, near term, while pullbacks stay above 89.48, Index has scope to extend higher to 90.67 – 90.95 area to end wave Z of (4) before the decline resumes. We don’t like buying the Index and expect sellers to appear from the above area for a 3 waves pullback at least more…

USD/CAD Might Make A U-Turn If 1.2560 Holds

Nenad Kerkez

The USD/CAD has been in a retracement mode but without an additional momentum to break recent highs. The pair is making a lower high now and if 1.2560 holds we might see a u-turn on the price. Targets are W H3 and W L3 levels – 1.2468 and 1.2376, but in the case you are trading intraday pay attention to W H1 – W L1 levels 1.2437 and 1.2405 respectively. A spike above 1.2560 could turn the price bullish again targeting 1.2606 and 1.2653. more…