USDCAD: Expect turn lower soon

11USDCAD 6020170207211842

Preferred Elliott wave view in USDCAD suggests that the pair is showing a 5 swing bearish sequence from 12/28 high, favoring more downside. Short term, decline to 1.2965 ended Minor wave W and Minor wave X bounce is unfolding as a flat where Minute wave ((a)) ended at 1.3102, and Minute wave ((b)) ended at 1.2976. Minute wave ((c)) is in progress as a diagonal where Minutte wave (i) ended at 1.3076, Minutte wave (ii) ended at 1.2988, Minutte wave (iii) ended at 1.3212, and Minutte wave (iv) … [Read more...]

USDCAD: Bearish sequence favors more downside

11USDCAD 6020170207182112

Preferred Elliott wave view in USDCAD suggests that the pair is showing a 5 swing bearish sequence from 12/28 high, favoring more downside. Short term, decline to 1.2965 ended Minor wave W and Minor wave X bounce is unfolding as a triple three where Minute wave ((w)) ended at 1.3102, Minute wave ((x)) ended at 1.2976,  Minute wave ((y)) ended at 1.3135, Minute 2nd wave ((x)) ended at 1.307, and Minute wave ((z)) of X is expected to complete at 1.3208 - 1.324 area. Ideally wave X bounce does not … [Read more...]

AUDUSD 5 wave cycle completed: Now turning lower

AUDUSD 5 wave cycle completed

AUDUSD 5 wave cycle from 12/23 low is proposed to be over at 0.7608 and pair is now turning lower. Yesterday, we mentioned that a break below 0.7511 would negate another high to complete wave (A) and suggest that 5 wave cycle from 12/23 low ended already at 0.7608. Today, pair failed to make a new high above 0.7608 and even though 0.7511 low is not yet broken, pair is trading heavy at the moment and also the pivot at 0.7511 low in our distribution system has been broken which adds conviction to … [Read more...]

GBPAUD Jan 24 Live Trading Room Setup

GBPAUD Live Trading Room

In Jan 24 Live Trading Room, we presented an idea to buy GBPAUD pullback at 1.6405 as the pair looks to have bullish 5 swing sequence from Jan 15 low and favor more upside. We bought wave ((b)) pullback at 1.6405 and the trade reached the target our target of 1.668 one day later for 275 pips. Below is a clip taken from January 24, 2017 Live Trading Room. GBPAUD Trade Setup   GBPAUD 1 Hour chart    Below is the trading journal that we presented to the … [Read more...]

AUDUSD Elliottwave Analysis: Close to turning

11AUDUSD 6020170124212009

AUDUSD move up from 12/23 low is extending and as pair keeps extending higher with shallow pull backs, it looks like the move up from 12/23 low is unfolding as an Elliott wave impulse and although the cycle is mature, more upside within wave 5 is expected as a diagonal before pair ends the cycle from 12/23 low. Rally to 0.735 is labelled as Minor wave 1 and dip to 0.7283 is labelled as Minor wave 2. Up from there Minor wave 3 ended at 0.7568 and Minor wave 4 pullback is proposed complete at … [Read more...]

AUDUSD Elliottwave: Ending Wave 5 Diagonal

11AUDUSD 6020170123212135

AUDUSD move up from 12/23 low is extending and as pair keeps extending higher with shallow pull backs, it looks like the move up from 12/23 low is unfolding as an Elliott wave impulse and although the cycle is mature, more upside within wave 5 is expected as a diagonal before pair ends the cycle from 12/23 low. Rally to 0.735 is labelled as Minor wave 1 and dip to 0.7283 is labelled as Minor wave 2. Up from there Minor wave 3 ended at 0.7568 and Minor wave 4 pullback is proposed complete at … [Read more...]