USDJPY’s rally from 108.80 came to its natural end last week, when the pair climbed to 114.50. The rate exceeded the mid-May high of 114.36 for what is usually called a “bullish breakout.” Unfortunately, instead of rising even more, the U.S. dollar reversed sharply to the south to reach 111.55 yesterday for a decline of almost 300 […]
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 […]
EURGBP has been rising for over two months now. The pair’s journey to the north began from 0.8313 in mid-April and did not stop until 0.8879 was reached on June 28th. However, everything comes to an end and the euro’s rally against the pound is unlikely to be an exception. In fact, judging from the […]
The last time we wrote about GBPCAD was almost half a year ago. On January 16th, 2017, the pair was hovering around its lowest level since July, 2013, after a decline from 2.0972 to as low as 1.5736. Usually, trading in the direction of the larger trend is a good strategy. Except when it is […]
It has been another bad week for USDCAD, which opened at 1.3259 on Monday and plunged to as low as 1.2971 today. The major reason behind the dollar’s weakness, according to mainstream media, is the increased likelihood of rate hikes outside of the United States, including Canada, which would offset the Fed’s highly anticipated tightening. In our […]
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 […]
It has been a little over a month since GBPAUD reached 1.7650 on May 10th. The day before, May 9th, we published “GBPAUD About to Change Direction”, sharing our Elliott Wave-based opinion, that instead of joining the bulls above 1.7600, traders should stay aside and get ready for a major bearish reversal. Here is the […]
It is a bad day for Theresa May and GBPUSD bulls The first exit polls of Britain’s General Election show that despite their win, the Tories are losing their majority in the UK parliament. This is thought to be the worst possible outcome, because Theresa May will either have to form a minority government or resign. […]
The U.S. dollar continues to tumble against most of its rivals. The selloff is especially obvious against the Japanese yen, with the USDJPY pair declining from as high as 114.35 to as low as 109.56 as of today. The first possible explanation for the dollar’s plunge that comes into mind, is the United States withdrawal […]
Earlier this month, on May 5th, USDCAD fell just 7 pips short of the 1.3800 mark and it looked like it is only a matter of time before the pair breaches this round figure. Then, the bulls suddenly got tired and their next attempt to lift the dollar to a new multi-month high against the Canadian dollar […]
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The GBPAUD exchange rate climbed to levels not seen since September, 2016. The pair is currently trading close to 1.7600, nearly 19 figures above the bottom at 1.5757 registered in October last year. Rising prices could be tempting, but also dangerous. In fact, the daily chart below suggests the British Pound is at a critical […]
USDCAD climbed to 1.3757 this Tuesday after the recovery from 1.3222 continued. The pair has been making higher highs and higher lows since mid-April after the bears could not even drag the rate below 1.3200. Instead, it seems to be approaching the 1.3800 – level not seen since February, 2016. Explanations for the surge vary wildly, […]
Nearly a month ago, on April 6th, the AUDNZD exchange rate was trading close to 1.0820, after falling from as high as 1.1018. But instead of buying the dip right away, in an article called “AUDNZD Navigating Through Elliott Waves”, we suggested traders would be better off waiting for the pair to improve the risk/reward ratio […]
Ten days ago, on April 4th, USDCAD was hovering around 1.3450. Yesterday, the pair fell to as low as 1.3223, before recovering to 1.3338. As traders, we are interested in the reasons behind that 230+ plunge and how to be prepared for it next time. Should we watch Trump, who just said the dollar was […]
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