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…
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…
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…
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…
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…
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…
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…
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…
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.…
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…
USDCAD’s Sudden, but Natural Plunge Explained
USDCAD’s lost ground this week reminds traders just how quickly things change in the Forex market. A week ago, on Friday 9th, the pair touched 1.2688. Five trading days later, the greenback is down to 1.2450 against the Canadian counterpart for a total loss of 238 pips or 1,88%. Higher inflation is considered as the…
USDTRY in a Corrective Pullback Within Uptrend
It has been 10 years since USDTRY bottomed at 1.1488 in January 2008 and started an uptrend that is still in progress. In late November 2017, the exchange rate climbed to as high as 3.9826, but then retreated to 3.7560 as of this writing. A lot of things happened during those 10 years. The world…
USDMXN and the Market’s Fractal Nature in Practice
January will be a month to forget for U.S. dollar bulls, who saw the greenback falling sharply against most major rivals. USDMXN is no exception as the pair is down by over 4.7% since the beginning of 2018. On December 26th, 2017, the dollar was hovering around 19.90 against the Mexican Peso. A month later,…
EURUSD Weeks Ahead of the German Coalition Talks
It has been a wild week for EURUSD. The pair opened at 1.2027 on Monday, but quickly fell by over 100 pips to 1.1916 on Tuesday, only to resume its rally and reach a new three-year high of 1.2134 as of this writing. The last time the pair traded above the 1.2100 mark was in…
EURUSD Starts 2018 On a Tear. Surprised?
2017 has been a great year for EURUSD bulls. During the last twelve months, the pair climbed from as low as 1.0340 to almost 1.2100 and managed to finish the year above the 1.20 mark for the first time since 2014. It was not a sure shot, though, especially during the mid-December dip to below…
