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EUR/CAD has been trading to the downside since beginning of the last year when we put in place the major swing high at 1.5600. Based on Elliott Wave cycle we're in the last stage of this sell of, as currently the market has completed a 5 wave sequence. Each impulsive wave is composed by another 5 wave of smaller degree and we can count this wave both in wave III and now in wave V. Right now the current low at big figure 1.3000 has market the low and the final point of this down cycle. Right now …
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AUD/NZD Elliott Wave Cycle Completed
Based on Elliott Wave cycle if we count the move that started from the 2011 high (see Figure 1) all the way down to 2015 parity level we can tell that we have done a five wave move and us such we may consider the downtrend in the final stage. Right now we should be looking for a ABC corrective stage that should at least bring the price near the highs of wave IV at around the 1.1300 level.
Major Levels to watch:
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Major Levels to watch:
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EUR/GBP Range Mode
Since beginning of 2013 when EUR/GBP has made the final swing high at 0.8800 level we have been trading in a steady way to the downside. Based on Elliott Wave we can count 4 waves of major degree and currently we are in the stage of developing wave IV. Usually based on Elliott Wave principles wave IV can take shape of big consolidation zone, a pause in the trend before the last and final low and the cycle to be completed. Right now wave IV is developing between the 0.7000 big round number and th…
GBPCAD Elliott Wave completed
Based on Elliott Wave GBP/CAD has completed a five wave cycle (see Figure 1) and from here on we should expect a 3 wave correction to unfold. There may be also the case that wave 5 has not been yet completed and can also develop a five wave cycle right now we can count only 3 waves in the wave V, and it appears we're right now developing wave 4 of V. Based on Elliot Wave wave 4 can take form of an prolonged type of consolidation action, and in this regard we may spend some time between 1.8800 su…
GBPUSD Fractal Map
Cable's price action looks quite familiar and it's a fractal of the 1992-2000 price action (see Figure 1). We can see that the massive sell off in the 90's resemble the sell off that we had in 2007-2008 and going forward both sell offs have seen a 66 months retracement. Not only that the price action looks similar but also time wise this fractal looks similar. This fractal will suggest that eventually we'll have to see another major swing low below 1.3490 before the market to enter in the next p…
AUD/CAD Range Box Effect
AUD/CAD is one of those currency pairs which are moving in prolonged consolidation and range bound zones. Right now we have established another range between 1.0350 resistance zone and 0.9200 support zone. It is very common to use the middle of previous range box as resistance/support. We can see in our case how 1.0350 was the middle of previous box and now it's acting as resistance level for the current box.
Figure 1. AUD/CAD Weekly Chart
In Figure 2 we can have a look at the daily chart an…
Aussie Elliott Wave Cycle Final Stage
Aussie is in the final stage to complete the Elliott Wave cycle that begin with the 2013 sell off. So far the market has corrected the sell off that started from 2013 with only 2 wave that can be subdivided in another 3 wave of smaller degree. Based on my Elliott Wave count we're in the final stage to complete the whole cycle. Right now wave C is developing and we should expect another 3 waves of smaller degree. We need a break above 0.9400 to complete wave "a" and than a resumption of the curre…
GBP/USD Fractal Map
Cable's price action looks quite familiar and it's a fractal of the 1992-2000 price action (see Figure 1). We can see that the massive sell off in the 90's resemble the sell off that we had in 2007-2008 and going forward both sell offs have seen a 66 months retracement. Not only that the price action looks similar but also time wise this fractal looks similar. This fractal will suggest that eventually we'll have
to see another major swing low below 1.3490 before the market to enter in the next p…
to see another major swing low below 1.3490 before the market to enter in the next p…
AUD/USD Rectangle Pattern Projects 0.9800
This analysis has been posted in Technical Analysis Contest as well and it can been found here: AUD/USD Rectangle Pattern Projects 0.9800
Aussie has been moving for the most part of this summer in a rectangle pattern(see Figure 1) which project a target of 0.9800 once we have a break and a close below the support level of 0.9200. If we measure the range between the 0.9500 round number and resistance level and 0.8200 support level we have an 300 pip range which projected to the upside gives us th…
Aussie has been moving for the most part of this summer in a rectangle pattern(see Figure 1) which project a target of 0.9800 once we have a break and a close below the support level of 0.9200. If we measure the range between the 0.9500 round number and resistance level and 0.8200 support level we have an 300 pip range which projected to the upside gives us th…
GBPCHF Stuck In Trading Range For Now (part 2)
GBPCHF like the most swiss pairs have been going nowhere since SNB step into the market we have been stuck into a big range. We have establish the range between 1.5480 high and 1.3800 low, an 680 pips range. we can been seen that for the most part we have been staying at the lower level of this range comparing it with the times we have visited the high of the range. From figure 1 it can been seen that we have multiple touch of support and only one touch of resistance. This multiple rejection of …