6TH - 10TH JUNE WEEKLY WRAPUP & UPDATES (PART III)
I release a Weekly Wrapup & Update every week to all my subscribers on my website. I am re-posting it here but in a limited form due to posting restrictions. If you want to see the COMPLETE post, you are welcome to get it from my website. I am also splitting this post in parts as it is too long to post in one post. So this is Part III of this post. Look for Part 1 & 2 if you have interest in seeing the rest of it. If you want the complete post including more detailed 4HR charts, please go to my website to get it. Weekly Updates are free. Keep in mind that these updates ARE NOT my full analysis and are just my opinion as to the short term direction of prices.
EURJPY
It is making a bottom here and may still drop a little more but it is currently in the "overthrow" of the leg E of an ED. And within that larger ED, it is finishing a smaller ED. When all this is done, we will see a HUGE reversal take place.
DAILY CHART
NZDJPY
What we could've seen happen in the past weeks was the completion of a truncated wave 5 to complete the larger wave (A). That truncated wave 5 may have ended with the completion of a wave (v) ED. And last week's breakout of that long sideways pattern could be just the start of a large upswing. We'll look for prices to drop back down off the rejection of that upper TL of the ED and then for it to turn around and retest and then break that TL.
DAILY CHART
AUDJPY
What is apparently happening here is that prices are trading within a range which is a bear flag for a continuation lower. Probably will make another small move back up and then head down to breakout of that flag and head lower to complete the wave (v) and the overall wave B. After which, we should see a HUGE rally back up.
DAILY CHART
USOil
We saw oil hit the $50 level in the past week. And then it withdrew from there as expected. But then it broke through and hit the $51 level. And then got rejected and is now headed lower. BUT...what I see is a REAL possibility is that this rejection off the $51 level was only temporary and that we are going to see oil rise up and possibly head towards the $60 level soon. We'll be looking for signs that this small drop is ending and looking to BUY again. But we'll need to be careful as it can't be ignored that prices have broken the MAJOR uptrend TL and that could have signaled the end of this uptrend.
DAILY CHART
GBPAUD
Last week, this pair continued to drop off the highs in what should be the wave a of a larger wave (b). We should be seeing a bounce pretty soon from the completion of this small wave a into the wave b of (b). And then another large drop down in the wave c of (b).
DAILY CHART
XAUUSD (Gold)
Gold is now still within a correction in what should be the wave 4. It dropped off the highs from the wave 3 ending in what should be the wave (a) of 4. Since the lows of that wave (a), prices have moved back up in what should be the wave A of the larger wave (b) of 4. From here I am expecting prices to retreat back down in the wave B of (b).
DAILY CHART
EURJPY
It is making a bottom here and may still drop a little more but it is currently in the "overthrow" of the leg E of an ED. And within that larger ED, it is finishing a smaller ED. When all this is done, we will see a HUGE reversal take place.
DAILY CHART
NZDJPY
What we could've seen happen in the past weeks was the completion of a truncated wave 5 to complete the larger wave (A). That truncated wave 5 may have ended with the completion of a wave (v) ED. And last week's breakout of that long sideways pattern could be just the start of a large upswing. We'll look for prices to drop back down off the rejection of that upper TL of the ED and then for it to turn around and retest and then break that TL.
DAILY CHART
AUDJPY
What is apparently happening here is that prices are trading within a range which is a bear flag for a continuation lower. Probably will make another small move back up and then head down to breakout of that flag and head lower to complete the wave (v) and the overall wave B. After which, we should see a HUGE rally back up.
DAILY CHART
USOil
We saw oil hit the $50 level in the past week. And then it withdrew from there as expected. But then it broke through and hit the $51 level. And then got rejected and is now headed lower. BUT...what I see is a REAL possibility is that this rejection off the $51 level was only temporary and that we are going to see oil rise up and possibly head towards the $60 level soon. We'll be looking for signs that this small drop is ending and looking to BUY again. But we'll need to be careful as it can't be ignored that prices have broken the MAJOR uptrend TL and that could have signaled the end of this uptrend.
DAILY CHART
GBPAUD
Last week, this pair continued to drop off the highs in what should be the wave a of a larger wave (b). We should be seeing a bounce pretty soon from the completion of this small wave a into the wave b of (b). And then another large drop down in the wave c of (b).
DAILY CHART
XAUUSD (Gold)
Gold is now still within a correction in what should be the wave 4. It dropped off the highs from the wave 3 ending in what should be the wave (a) of 4. Since the lows of that wave (a), prices have moved back up in what should be the wave A of the larger wave (b) of 4. From here I am expecting prices to retreat back down in the wave B of (b).
DAILY CHART
SPECIAL Report on the S&P 500. Read it here. It's FREE: bit.ly/2KGJ409spx818
Mailing list: bit.ly/2iNieEY
Facebook Group: www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: www.efxselect.com
Mailing list: bit.ly/2iNieEY
Facebook Group: www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: www.efxselect.com
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
THINK before you comment! It takes MUCH work and time to create these posts! So before you decide to criticize me for what I post, or how I choose to post, remember that I don't just throw a chart up with a few lines on it with a few arrows showing 2 possible directions and that's it. I can do those in 5 mins. My charts take MUCH effort and I put much detail into creating them for your benefit. I hope it helps but I also hope it's appreciated!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to efxselect.com to subscribe and get these signals in REAL-TIME!
Faceb00k: goo.gl/Mb81w7
Website: www.efxselect.com to subscribe
Join my Skype chat room! It's FREE (requires registration): Skype ID: andrewefx
Update status