Elliott Wave Forecast! - page 2
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USD Index Is Bullish For the Near-term Which Will Keep the EURUSD Bellow 1.3710
USD Index has recovered very sharply from below 79.00 level. Recovery was impulsive so we need to respect this type of a price action, that’s why we turned bullish on the USD for a few days. Always when market will make just a corrective pull-back you need to remember that structure still needs to be made in three waves. If we look on our chart then we can clearly see that rise from the low is actually only in one completed leg; that’s wave (a), so be aware of more upside in this week. Ideally market is forming an (a)-(b)-(c) retracement, called a zig-zag towards 80.15-80.50 region. At that zone you will also notice a trend-line connected from November 16 which could react as a resistance if tested of-course.
For the very near-term we could see deeper levels in wave (b) with possible test of 79.40 region before wave (c) breaks higher. With higher near-term prediction for the USD be aware of more weakness on EURUSD.
Intra-day Review For USDCHF and EURUSD (Elliott Wave)
Markets did not move much during the Asian trading hours, despite lower stock prices that followed bearish price action seen yesterday on European and US shares.
The EURUSD was mostly flat around 1.3500 level but pair has now turned bullish ahead of the ECB. Looks like the reaction is technically based that came in from weaker USDCHF.
Notice that USDCHF made three waves up to 0.9148 but we still need to see break of a corrective channel support line and 0.9055 as well to confirm weakness towards 0.9000. Anyhow sooner or later pair will test this psychological level.
USDCHF 1h
At the same time we are tracking bullish intra-day pattern on EURUSD, where we could see test of 1.3600 resistance in incomplete wave B, before pair turns bearish for wave C.
EURUSD 1h
Oil: Buyers Could Wait On Deeper and Better Levels Within Bearish Correction
Oil fell down to $95 this weeky before turned bullish again. However, we think that latest bullish rversal is only temporary, as we are tracking an incomplete corrective decline in wave 4) that should be structured by three legs. We labeled a leading diagonal in wave A followed by a current wave B bounce towards 97.30/50 from where price could turn bearish for wave C.
If you are familiar with the Elliott Wave Theory then you will know that fourth waves can be very tricky, because there are many different patterns available, like flat, triangle, zig-zag, or maybe even combination between them. However, the most common structure on the markets is a zig-zag. A zig-zag is a three wave pattern, labeled as A-B-C that occurs against the primary trend. As such, we will focus on this structure for now, which means more downside could be seen in the next couple of days, possibly even back to $93-$94 zone; 38.2% retracement and base channel supports as shown on a daily chart below.
EURUSD, More bullish this week!
EURUSD Weekly Chart
4 Hour Elliott Wave Outlook EUR/USD
USDJPY Breaks Higher Again; 95.00 Now In View
JPY was pushed lower again while Japanese shares soared after a Bank of Japan member said that more monetary easing could be justified later this year. USDJPY reached levels around 94.40 but we see an incomplete impulse from 92.15 swing low which means that pair should continue higher. We expect at least one more push up as current pull-back appears to be corrective black wave iv. Support for the pair comes in at 93.60/70.
S&P Futures are in a pull-back mode after five wave rally from 1494. So far decline looks corrective so we like the idea of incomplete uptrend. Support comes in around 1505. This count is also bearish for JPY, which means higher USDJPY.
EURUSD: Patiently Waiting For a Bullish Reversal
Daily close above the trend-line that would confirm the bullish reversal.
Oil Corrective Wave IV (Elliott Wave)
Price will accelerate lower in impulsive manner back to 94.90 toward Wave 4
German DAX Suggests More EURUSD Weakness After The Pull-back
German DAX is in down-trend in this week same as EURUSD from Feb 13 high. Expecting on DAX; 3-wave retracement in wave (ii) ideally back to 7650/70.
DAX 30min
EURUSD
Three wave retracement in wave B back to 1.3400 should be interesting EURUSD 1h
GBPUSD Now Below 2009 Trend-line; Sharp Fall To Come?!
Break of wave D) 1.5267 low that will confirm the bearish view for wave (C) fall towards 1.3000.
Gold (XAUUSD) New Leg Down – Elliott Wave Analysis
Gold: market could hit 1560 in the next two or three weeks while 1684 is not breached.