[B]• Euro Testing All-Time High
• Japanese Yen Larger Correction Underway?
• British Pound Pulling Back
• Swiss Franc 1.05 In Sight
• Canadian Dollar Towards 1.0120
• Australian Dollar Extends Gains
• New Zealand Dollar Facing Stiff Resistance[/B]
[B]SEE A DESCRIPTION AT THE BOTTOM OF THIS REPORT FOR THE INDICATORS IN THE TABLE
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Commentary[/B]: We maintain that a triangle is underway and that the next leg of the triangle is lower in wave e. This would complete larger wave 4 before the thrust higher in wave 5 through 1.50. Look to get bullish near 1.4575/1.4600 (the 61.8% of 1.4362-1.4910 is at 1.4571), against 1.4310, for a run at the mid 1.50’s.
[B]Strategy[/B]: Flat
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[B]Commentary[/B]: We still maintain that the strong rally from 104.97 is probably a c wave that will complete a larger second wave as an expanded flat. If this count is correct, then price is expected to exceed 107.92 and resistance should be strong in the 108.33 area. We will look to return to a bearish bias following a rally through 107.92 (against 110.11) for a drop to our objectives that are below 100 (near 97).
[B]Strategy[/B]: Flat
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[B]Commentary[/B]: We maintain that larger wave A is complete at 1.9957 and that Cable will drop to at least former support at 1.9727. A deeper decline into the 61.8% of 1.9337-1.9957 at 1.9574 is possible. Bigger picture, we view the entire rally from 1.9337 as the beginning of a larger corrective advance.
[B]Strategy[/B]: Bearish, against 1.9960, target 1.9600
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[B]Commentary[/B]: We have continued to state that “the bias is bearish as long as price is below 1.1122…Bigger picture, the decline from 1.1122 is probably a 5th wave (of larger 3) and an objective is where wave 5 equals 61.8% of waves 1 through 3 – at 1.0553.” The USDCHF has broken lower and 1.0550 is in sight. Near term resistance is at 1.0859. This is an area that bears can look to sell into.
[B]Strategy[/B]: Flat
[B]Commentary[/B]: The scenario that we have described recently is playing out. Expectations are for a corrective rally that we will look to sell into. Look for the rally from .9872 to face strong resistance in the 1.0125/84 zone. This is the 50%-61.8% of 1.0378-.9872. Former resistance is also at 1.0117.
[B]Strategy[/B]: Bullish, against .9872, target 1.0120 (we’ll be looking to flip near there)
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[B]Commentary[/B]: The AUDUSD has frustrated us as we have waited for a pullback (on order to get long) that doesn’t want to happen. The rally from .8512 is a 5 wave impulse, indicating that a corrective decline will occur – we just have to be patient. The first level of support is the reaction low yesterday at .8817.
[B]Strategy[/B]: Flat
[B]Commentary[/B]: The NZDUSD is in the exact same position as the AUDUSD in that the rally has extended but a pullback is due. This pullback will present an opportunity to get long but given reward/risk at the current juncture, a short term bearish position is warranted now. Potentail support begins at .7720 (38.2% of .7383-.7928).
[B]Strategy[/B]: Bearish, against .7933, EXIT .7650
MONTHLY, WEEKLY and DAILY TRENDS are determined by rolling pivots (4 month, 4 week, and 5 day). When price is above the rolling pivot, the trend is considered bullish. When price is below the rolling pivot, the trend is considered bearish.
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