EURUSD down before up?

In our last analysis we were expecting an upside move in EURUSD and the pair really did rise, but the rally was limited to only three waves, suggesting that we are still in some kind of a corrective pattern. Below you can see an updated chart with a little relabeling. The corrective pattern, that started from…

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EURUSD. Next stop – 1.40

On April 13th EURUSD was at 1.3885 and the majority of traders was still looking for higher levels. We, on the other side, were expecting a pull-back. As you can see on the chart below EURUSD dropped by 100 pips to 1.3785. What the chart shows is the common 5-3 Elliott Wave cycle, telling us that…

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USDJPY on its way down

In our previous forecast on USDJPY we suggested that the rally to 104.11, despite being quite strong, should be only a correction of the larger downtrend. In our intraday section we even gave you an exact entry point for the trade, which went according to plan with USDJPY falling by 280 pips to 101.31. Currently in the…

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EURUSD may fall even sooner

On March 30th we showed you our big picture outlook on EURUSD, in which we stated that the European currency may be near a major top, after which we should expect a reversal. Now, what we are going to do here is to show you a different, although again bearish scenario, according to which the rally…

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USDCAD. What happened?

In our previous analysis on USDCAD we were expecting wave 5 to develop, once wave 4 is complete, probably in the form of a triangle. On the chart below you can see that the situation developed just as expected, with wave 5 reaching to a new top at 1.1276. But what happened next? A fast and…

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AUDUSD big picture

AUDUSD made its last top at 1.1080 in the end of July 2011 and declined by more than 24 cents to 0.8650 in just 3 years. A loss of value, that is quite impressive. But no trend lasts forever, so we might want to examine the wave structure of AUDUSD, in order to see whether…

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GBPUSD, five moves predicted

On March 11th we showed you our analysis on GBPUSD. We were then considering a double zig-zag correction under construction, with waves “b” and “c” of Y left, after which the uptrend was expected to resume. On the chart below you can see how the situation developed. So, the market has been going according to our forecast…

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USDJPY still corrective

On March 6th we showed you this forecast of USDJPY. We were anticipating the end of the corrective wave (2) or B and a sell-off in wave (3) or C down. As you can see on the chart below, prices did decline by more than 250 pips from 103.75 to 101.18. However, it turned out that…

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GBPUSD and the Fibonacci magic

GBPUSD formed a top at 1.6822 on February 17th 2014 and has been in corrective mode for more than a month, bottoming at 1.6460 on March 24th. If we look at the 4-hour chart of GBPUSD, we could see that the price action has formed a classical 5-3 Elliott Wave pattern. What is more interesting…

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EURUSD still on schedule for a crash

Bulls are getting more and more excited about EURUSD as it is getting closer to the 1.40 mark. But if we want to draw a line between financial decisions and emotions we need to look at the charts, because they show what is really going on in any market. For the purpose of analysis we…

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AUD/USD, ending diagonal?

Ending diagonal, as its name suggests, is a reversal pattern, that occurs either in the position of wave C of a correction or as wave 5 of an impulse. On the chart of AUD/USD below you can see both cases. First, in wave 4 we have an ending diagonal for wave “c” down. Second, wave…

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GBPJPY, from large to small

GBPJPY bottomed in the beginning of October 2011 and has been in a strong uptrend ever since. The Elliott Wave Principle has taught us never to rely only on the trend, but to look into its structure, in order to determine in which phase it is now and what is left from it. So starting…

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Be careful with USD/JPY

USD/JPY rose significantly yesterday after the FOMC reports and during Janet Yellen’s speech. Does that post-news strength provide enough of a reason to start buying? Considering that our previous analysis is still valid, we think you ought to be careful with USD/JPY. Let’s see how it has been developing by now. To make that count more…

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USDCAD is forming a triangle

The US dollar is still going sideways against the Canadian dollar, without making new lows or new highs, which suggests that USDCAD is forming a triangle. The chart below puts us in mind that wave (D) of the pattern is still developing. If this is the correct count, we should expect a decline in wave…

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GBPUSD could provide two opportunities

In our opinion GBPUSD could provide two opportunities. The first one is to sell. On the 15-minute chart we have to wait for wave “b” to end around 1.6680 and go short for wave “c” down. This pair could fall as low as 1.6550. The second opportunity should occur, when wave “c” ends. On the…

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