USDCAD Two Months Ahead of Bank of Canada

usdcad may 8 elliott wave analysis

Last week, the Bank of Canada raised the interest rate for the first time in seven years, thus reinforcing the downtrend in USDCAD, which has been in progress since the top at 1.3793 in May. In this respect, the hike itself is hardly the reason for anything. Despite the fact that the U.S. dollar lost over 200…

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USDCAD: Ahead of The Slump of the Week

usdcad elliott wave analysis june 5

USDCAD opened at 1.3467 on Monday. Three days later, the pair fell by over 300 pips to as low as 1.3165. According to the media, the reason for the selloff was Bank of Canada’s sudden change of heart towards interest rates. At the start of 2017, the central bank was expected to lower the benchmark interest…

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Price of Bitcoin Short-Term Vulnerable

price of bitcoin 4h chart

In our previous article about the cryptocurrency, titled “Bitcoin ETF Rejected by the SEC? No Problem!”, we expressed a bullish opinion, shortly after the price of bitcoin touched a low of $944. The positive outlook was motivated by the Elliott Wave interpretation of the 4-hour chart below. As visible, this chart made the classic 5-3…

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Euro Dollar: Genesis of a Fake Breakout

No, the Illuminati did not cause that euro dollar fake breakout Last Monday, March 27th, the euro dollar Forex pair breached its previous high at 1.0828 and climbed as high as 1.0906. That is what traders usually call a breakout. Taking out a major resistance like this is supposed to serve as a buying signal…

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Freeport vs Indonesia: The Elliott Wave Outlook

It looks like Freeport is going to end up as a winner in the Grasberg saga Exports from Indonesia’s Grasberg copper mine have been halted for 10 weeks now. As a result, shares of Freeport-McMoran, one of the world’s largest copper producers and majority stake owner of the mine, recently declined from $17.06 in January to $11.92…

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Wells Fargo to Lose 30% from Now On?

Eight years and one fake accounts fiasco later, Wells Fargo’s uptrend is approaching its end The last time we wrote about Wells Fargo was in late-January, 2016. Fourteen months ago, the stock was trading below $49 a share, after a decline from $58.74. It was a $10-drop, which for the bank’s investors meant a 17%…

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Bitcoin ETF Rejected by the SEC? No Problem!

bitcoin price chart

Last Friday, March 10th, the SEC rejected a proposed change in its rules that would have allowed the Winklevoss brothers to create the first Bitcoin ETF. Following the decision, the price of the cryptocurrency fell over 20%, from nearly $1290 to as low as $975 in a matter of minutes. And while the speed and…

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Bitcoin Elliott Wave Outlook Ahead of the SEC

bitcoin relative strength index bearish divergence

A month ago, on February 10th, we examined bitcoin’s tendency to extend the fifth waves of the impulse it draws. As of the time the article was published, the cryptocurrency was trading around $960, after a crash from $1075 to $914. But instead of selling with the other bears, the lessons learned from bitcoin’s manic-depressive past…

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Starbucks is Good. And Not Just the Coffee

Starbucks’s schizophrenic 2016 is over. 2017 looks like it is going to be a whole lot better 2016 was not among the best of years for Starbucks investors, who saw the price of their shares declining to $50.84 in October, down from $64.00 a year earlier. However, the last two months of 2016 were unlike…

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Euro Bulls Could Not Defy Gravity Forever

As the euro continues to lose momentum, here are the technical factors, which led to this The euro climbed to 1.0828 against the U.S. dollar on February 2nd, which was the culmination of a recovery that began from as low as 1.0340. Nearly 500 pips to the north, which is usually more than enough to convince even the…

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GBPUSD: How to Anticipate Fake Breakouts

We saw a lot of those so-called “fake breakouts” in GBPUSD during the last two weeks. On January 3rd, the pair fell to 1.2199, only a pip below the previous swing low of 1.2200, but just enough to activate a lot of sell orders. Unfortunately, the bears gave up right away, allowing the bulls to lift…

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USDCAD: Elliott Wave Useful, Even When Wrong

USDCAD bulls must be having a good time. The pair has been adding pips faster than a speed train in the last three trading weeks, climbing from 1.3080 on December 14th to almost 1.3600 as of today. Unfortunately for us, this is not going to be one of those articles, where we explain that the…

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Too Early to Buy the Amazon Dip

Amazon stock was one of the biggest losers following the U.S. election. Shares plunged to as low as 710 dollars a share on November 14th, but truth is the bulls gave up much earlier – on October 6th – when Amazon reached its all-time high of $847. Fortunately, some might think, Amazon has recovered some…

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DAX Flying Towards the Stratosphere

Soon after the markets opened on Monday, the German DAX decline to 10 424 in response to Italy’s “No” vote in the referendum. But instead of continuing even lower, the index skyrocketed sharply to the upside and is currently trading slightly below 10 940 after almost reaching 10 950 earlier today. And while the DAX is…

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CHFJPY Approaching Fibonacci Resistance

It has been over five months since CHFJPY began recovering from as low as 101.74 in June. During this time, the pair managed to gain over 1000 pips and is currently trading slightly above 111.00. This impressive rally might make most people think it is time to join the new uptrend before it is too…

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