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USD/JPY has been unable to sustain any gains during this year and we have moved in a big range for the most part of the year. Even though we managed to make a marginal new high above 122.00 the momentum slowed down and we're back inside the range. Current range extends from the 122.00 resistance level all the way down to 116.00 level(see Figure 1) where we have a strong support and where I'm expecting price to hold and revers to resume to bigger bullish trend we're in. We're in a very wide range…
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USD/JPY Elliott Wave Cycle Completed
Based on the Elliott Wave cycle the bullish trend that started in 2012 in USD/JPY as completed a 5 wave move(see Figure 1) and in this regard now we can expect some type of correction. This bullish move was quite straight forward without much correction only a shallow correction in wave IV. Now that we have completed a 5 wave move Elliott Wave suggest we should expect an ABC correction but this should push us back all the way towards the levels of wave 4 which will be quite a big downside move. …
USD/CHF Elliott Wave Count
The broad base dollar strength across the board has manage to change the bearish sentiment on this pair and since beginning of this summer USD/CHF has been trading in an steady bullish trend. Based on Elliott Wave count (see Figure 1) we still have much to go to the upside before to complete a five wave sequence. We have just completed wave III and wave IV is ready to develop a corrective phase before another upward leg to take place and complete the five wave sequence.
Figure 1. US
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Gold Double Inverted H&S Bottom?
Since I start blogging I've been giving out my outlook on gold both short term and long term, outlining the main points of why we may soon start another bullish trend but at the same time being caution of the possibility that we may get another major swing low, below the psychological level $1000, before the resumption of the gold secular bull trend. Here you can find my previous blog posts about gold: …
Qick Review of My Trades
First trade I took this month was on turkish lira, I went short USD/TRY you can find more about the reasons behind this trade in my previous post: Emerging Markets, Follow the Hot Money.
Second trade I took was on the Canadian Dollar, actually I was both short and long on this pair. USD/CAD has recently started to break in a very aggressive bullish trend. I've been forecasting this trend in the Canadian Dollar since last year you can find here a quick review of my Technical Analysis on the USD/C…
Second trade I took was on the Canadian Dollar, actually I was both short and long on this pair. USD/CAD has recently started to break in a very aggressive bullish trend. I've been forecasting this trend in the Canadian Dollar since last year you can find here a quick review of my Technical Analysis on the USD/C…
2014 FX Market Outlook - JPY (part 1)
I'm going to give out my Fx Market Outlook for this year and I'm going to start with my favorite currency pair: Japanese Yen. It will be a series of blog post because I want to take the time to go through all the major currency pairs and give my personal outlook for 2014.
We know that currently the YEN pairs is all about Abenomics market policies. The "Abenomics effect" have had a huge impact to revive Japan's economy, strengthening consumer consumer spending. Although many have doubted the mark…
We know that currently the YEN pairs is all about Abenomics market policies. The "Abenomics effect" have had a huge impact to revive Japan's economy, strengthening consumer consumer spending. Although many have doubted the mark…
USD/CAD: Resuming the downtrend
The current USDCAD up trend has already begin to break upwards after 4 months of consolidation. The up drift from the last year low 0.9630 to 1.0610 high, has took shape of and 5 wedge rally within an upward channel. From the first picture we can see how each wave was constituted of 3 wave of minor degree which can be used as a map for future price action. But that up move constitute only the wave I of larger degree, we still have to complete a five wave sequence to conform the Elliott Wave theo…
Forex EURGBP Elliot Wave count
EURGBP is in position to resume the uptrend that started from around 0.7700 swing low. Form an Elliot wave perspective we have only completed IV waves of the current up trend and we're in the final stage of this bull run before any significant retracement.(see fig.1)Currently we are in the inception of wave V and termination of wave IV which has yet to be finished and which suggest that the price will still stay within the current market range, as Elliot wave suggest that wave nr IV are usually …