After a nice impulsive decline from February highs at 79.39 down to 73.18, NZDJPY has turned higher and has since then been trading slowly and choppy, clearly in a correction, that looks to be a flat pattern. Well, this correction from the end of a five wave drop could be near completion, as price seems to be trading in its third and final leg, wave C. We still...
USDCHF is in the corrective pullback from latest highs. After tracing 5 waves up, USDCHF at the moment trades in the A-B-C pullback with waves A and B looking completed. We expect one more push down in the wave C towards 0.9864 – 0.98769 , where previous waves four can act as a support and a reversal into higher levels.
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USDJPY keeps trading lower, making a nice impulsive decline from February highs. Currently we see price in an extended wave 3, that is near completion, as we see five visible sub-waves in it. That said we would not be surprised, if a reversal to previous black wave four at 113.39 were to happen.
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On the intraday structure of EURJPY we are tracking a nice bearish run from 128.173 area, that seems to be in late stages, as only wave 5 is needed for a completed five wave pattern. That said correction in wave 4 seems to be over as price made a nice move towards lower levels and could ideally continue even lower to around 124 area, where the distance of red wave...
EURGBP is in the corrective pullback from recent highs. We are looking for red wave C to reach 0.7638 levels for a possible support. This corrective pullback is also in the A-B-C formation pattern. That said usually legs in this corrective A-B-C pullbacks reach equality, so this means leg A should travel the same distance as leg C.
On the intraday chart of AUDUSD, we are still tracking a complex corrective pattern in red wave (B), that could be in late stages. as wave Y of a second zig-zag can be near completion. That said there is still some room for wave Y to fill. Price could reach 0.718- 0.719 area before turning to the downside.
Our past updates on this pair :
On this cross of AUDJPY, we see a possible corrective pullback that can be in late stages. This corrective pullback in the A-B-C form is after a five wave drop from February highs, so there is a good chance for the continuation of this pair to the downside. We will wait for the confirmation of the reversal and if we see 5 waves down and a corrective pullback we...
On the Weekly chart of GOLD, we are looking at a possible corrective pattern (A)-(B) and (C) that looks to be completed. In the wave (C) position we labeled an ending diagonal, that looks finished after recently broken trendline. That said more upside could follow in wave I / A.
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FX:EURAUD
1. Double top
2. broken neck
3. found support at 1.5353$
4. 61.8% retracement / that completes a 2618 setup / double top followed by a 61.8% retracement
5. Eventual wave 4 of 5 of a corrective move
6. Wave 5 ends with a cypher pattern at daily support
7. Wave 3 of 5 of an impulse with the default ratios / wave 3 = 161% ext of wave 1
8. ascending wedge,...
On the Intraday chart of USDNOK we are following an idea of an complex correction, a double zig-zag that can still find lower levels before its completion. Currently we see price in red wave A), the first leg of a second zig-zag, labeled as blue wave Y-circled, that could be in final stages. A three wave rally towards 0.5 and 0.618 fibo. ratios would be treated as...
AUDUSD is at the highs with five waves up within a red wave 5). Leg up from 0.7000 is looking very extended so we think that upside can be limited at 0.7230-0.7260 area. That said, traders must be aware of a pullback to lower levels, with minimum in three waves possibly even back to 0.7150 in sessions ahead. Break of wave iv low at 0.7204 would be important...
AUDUSD is going to revisit 0.7141 it seems after sharp bounce from 0.7000 psychological support which looks like an impulsive reaction. Also notice that price made a turning point at the lower side of a parallel trendline which usually occurs at the end of a corrective move. That said, we assume that decline is corrective; a double zigzag that will cause higher...
Commodity based currencies are still in consolidation patterns. On the NZDUSD chart, we see a bullish reversal in the making, now in the second leg of a three wave correction in red wave B). Corrections can at times be more complex than usually and that is why we set up a possible triangle formation pattern unfolding in wave B). A triangle pattern is a...
Hey traders! After the correction we have a breakout after the impulse leg, Now forming another impulse. Take profit near to bearish Gartley completion.
AUDJPY has been trading as planned, breaking the lower corrective trend line and resulting in nice impulsive manner. Because we can count five waves within this downfall from 90.74 we expect a new correction in days ahead. Recent bullish rally towards 83.539 can be blue wave A-circled, the first leg of a three wave correction, so expect more gains after wave...
On USDCAD price turned sharply down last week, clearly in impulsive fashion which puts pair in bearish mode, even if just temporary. We expect more downside for sure, but will need a three wave bounce first up into a red wave B). Ideal zone for a new leg down will be around 1.4432 where former broken swing support can turn into a...
NZDCAD is making a three wave corrective setback, possibly to around 0.91146 area, where black wave C would equal the distance of black wave A, and ideally make a reversal to higher levels. Even our fibo. ratio at 0.5 could indicate a reversal.
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On GBPCAD there is a nice uptrend on a daily chart that will be expected to continue after a completed fourth wave triangle formation as shown on the 4h chart.
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D....
