THE EURO APPEARS TO BE SLOWING AS IT APPROACHES THE 0.5 RETRACE OF THE LONG TERM DOWN TREND, AFTER BOUNCING OFF ITS DAILY SUPPORT AND BREAKING OUT OF ITS LATEST FORMED CHANNEL - EUR/GBP IS POTENTIALLY OFFERING A COMPELLING SHORT. THE LONG TERM DOWN TREND IS COMING INTO PLAY AND CAN BE USED FOR STOP PLACEMENT, NUMEROUS TESTS OF STRUCTURE RESISTANCE DISPLAYS...
USDJPY reach bottom support zone as Elliot Waves setup 12345 ends at price 121.4. Its Daily Fibonacci LL to HH zone of 50-61.8%. Here is best entrance zone to go Long into target zone at Fibonacci exetention 23.6% at price 127.625
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Price is on the way in Elliot wave point 4 to 5 at 1.6828. It is Fibonacci from LH HH as Elliot waves points 1 and 3 50% bounce to a projection 23%. This is Target zone where Weekly swing hights to lows Fibonacci 50% level should be pierced. But on daily we have double top formed allready. Just need to wait for price to break this Resistance level at 1.6575.
AUDNZD - at the moment price have broken weekly swings Higher Low Lower Low Fibonacci 16.8% level at 1.133. And on daily going on last swing of Elliot waves to point 5 wich will be in 1.15-1.1532 zone. This Target zone is at last daily swings Lower High and Higher High at Elliot waves point 1 and 3 Fibonacci extention 50-61%.
GBPAUD seems going to bounce up as meets strong support at 2.02853 as beeing old strong level and it is near last Lower High and Higher High Fibonacci 61.8% level just below support at 2.026. I am taking Long trade with a target to higher old strong level at 2.09826 with a small stop loss at 2.0258