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GBPAUD On a Slippery Slope Towards 1.53

If you take a look at how GBPAUD has been doing between October 2016 and March 2018 you might think Brexit never happened. The British pound rallied from as low as 1.5322 to 1.8509 against the Australian dollar, gaining almost 21% in those 18 months. As of this writing, the pair is hovering around 1.7720,…

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USDZAR Facing Elliott Wave Resistance Near 13.00

USDZAR, the ticker symbol of the U.S. Dollar – South African Rand Forex pair, is not among the ones we regularly cover. However, we are constantly looking for article material, so when a client asked us if we could take a look at it, we told him – no problem. The only thing we needed…

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EURCAD Bulls Setting Up a 400-Pip Recovery?

The European currency has had a tough time recently, losing ground against major rivals like the U.S. dollar and the Japanese yen. Here we are going to examine the Euro’s drop against the Canadian dollar, which has been in progress since March 20th, when EURCAD climbed to a multi-year high of 1.6153. The last time…

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EURUSD: The Evolution of an Elliott Wave Count

Less than three months ago, on February 16th, the EURUSD pair climbed to a three-year high of 1.2556. Given the fact that Euro bulls have been in control during the entire 2017, it made sense to expect more strength from the European currency against the U.S. dollar. In addition, after four months of negotiations, in…

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AUDUSD: A Bearish Omen Half a Century in the Making

AUDUSD climbed to 1.1079 in July 2011 and has been steadily declining ever since. In mid-January 2016, the pair fell to as low as 0.6826 and as of this writing it is still in the doldrums, hovering around 0.7560. After a 38% crash in less than five years, one might think it is time for…

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Trade War Fears Shrugged Off by USDJPY

Less than a month ago, USDJPY was trading below 105.00 after plunging to 104.64. The media hurried to explain the dollar’s weakness against the Japanese yen with the looming trade war between the United States and China. Today, a trade war between the two largest economies is a near certainty, after China threatened to fight…

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USDCAD Selloff: Non-Farm Payrolls Just an Excuse

The last time we wrote about USDCAD, it was hovering around 1.29, after a decline from 1.3125. In a video, published on March 28th, we demonstrated how Elliott Wave traders got ahead of the bearish reversal that occurred a week earlier. Two weeks later now, the bulls are yet to find a way to fight…

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EURCHF Vulnerable to Bearish Attacks

EURCHF fell to 1.1447 on February 8th, but has been steadily recovering ever since. By March 28th, the pair was already testing the resistance near 1.1800, but could not breach it from the first try and fell to 1.1732 earlier today. Should we expect the next attempt soon, or maybe the bulls would need more…

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USDCAD Bears Land a Heavy, but Predictable Punch

1.2900 has been a tough nut to crack for USDCAD bulls. First, they failed to breach it in late-October 2017. Then they tried again a month later, but the attempt was once again unsuccessful. The third try was in mid-December 2017, but after a swift touch of 1.2921, the pair plunged to as low as…

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Trade War Not to Blame for USDJPY’s Plunge

USDJPY bulls looked like they were up to something, when the pair climbed to 106.61 on Tuesday. Three days later today, the pair is currently hovering at 104.90 after a 200-pip plunge to 104.64. Conventional wisdom suggests traders should look no further than the looming US-China trade war to explain the Japanese yen’s strength against…

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USDHUF Close to Major Elliott Wave Support

Surprisingly or not, the U.S. dollar has been losing ground not only to its major rivals like the Euro and the Japanese yen, but against the Hungarian Forint, as well. USDHUF reached 302.22 on December 15th, 2016. A year later, it was hovering near 260.00 and before the end of January 2018, the pair fell…

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Canadian Dollar Weakness Anticipated by Elliott Wave

Canadian dollar bulls had another week to forget, after the USDCAD rate surged from a low of 1.2615 on Monday to nearly 1.2900 so far. There have been two fundamental factors that applied pressure on the Loonie – the decline in crude oil prices and Donald Trump’s intention to impose import tariffs of 10% on…

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Dollar Index Bulls to Stop the Bleeding

2018 did not start well for the U.S. dollar, which fell against most of its rivals such as the Euro and the Japanese yen. As a result, the dollar index (DXY) did not shine as well. It fell to as low as 88.25 by mid-February before recovering to 90.23 a week later. The question we…

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USDCAD and Crude Oil Abandon Negative Correlation

Between 2000 and 2016, USDCAD and crude oil had a negative correlation in 93% of the time. Canada is one of the world’s biggest oil producers and the largest oil supplier to the United States. So, when U.S. demand for oil rises, demand for Canadian dollars rises, as well, thus hurting the USDCAD exchange rate.…

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EURUSD Sent North by Fibonacci Support

EURUSD bulls had nothing to complain about last week, as the pair rose from 1.2248 to a new 3-year high of 1.2555. It is no secret that the pair has been in an uptrend, especially since it has been rising during the entire 2017. Still, trends always include moves in the opposite direction. The most…

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