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AUD/CHF Inside DownChannel

On the daily chart we can see that since the SNB black swan event the market has been moving inside a downward channel (see Figure 1) which can also be a diagonal, and based on the Elliott Wave we should see a 5 wave move inside the channel before the market to decide on it's direction. Currently we're in the stage of developing the 4rd wave but first we'll need to hit the upward limit of this channel at around the big round number 0.7300 where a bounce lower should occur.
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Update 6:As expected the 0.7150 level has been providing us a good support in previous week and we indeed started to rally. Right now we closed the week at only 1 pips distance from my forecast target of 0.7289. The ideal scenario is for a retest of previous broken swing high at 0.7250 and than a rebound and a retest of my target at 0.7289.

tdbatinkov avatar

good analysis

foreignexchange avatar

Great analysis, do you think that a retracement in the Oil forecast could facilitate with this pair some bullish speculation ?

WallStreetBlog avatar

Very interesting!!!

WallStreet6 avatar

Great anaysis!

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EUR/GBP Elliott Wave Analysis

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…
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Daytrader21 22 11月

Update 1: We're close to break below the big psychological number 0.7000, once we get the breakout we have our confirmation that the bearish momentum is in charge and we should expect further lows. to the upside the first level of resistance stands at 0.7050.

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Daytrader21 29 11月

Update 1: We're still trading above the big psychological number 0.7000 which is acting as strong support however wave a of B looks complete and it may be the case we're developing a flat in wave B which means that we can break the lows from here without the need to retest  the 0.7250 level.

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USD/CAD Cycle has ended

Based on the Elliott wave analysis the 5 wave cycle in USD/CAD has completed and we're in the process of correcting the entire cycle started from 2012 low. Wave V of the bigger cycle has been completed at around the round number 1.3400. Right now we're in the process of developing wave A of an ABC correction pattern that will take place over the next few months.
Major Levels to watch:

[list][/list]…
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Daytrader21 25 10月

Update 1: Unfortunately this pair has retrace way too much from the 1.2800 levels and it may be the case we're running out of time to reach 1.2500 in which case we may assume my forecast is wrong.

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AUD/CAD Elliott Wave Analysis.

Based on the Elliott Wave analysis AUD/CAD is headed much more lower (see Figure 1). We're in a very complex corrective pattern which suggest lower prices in the weeks and months ahead.Right now we're forming a double zig-zag pattern of lesser degree which is based on the wave X connector of higher degree which should end near the 50 fib retracement at around the 0.8000 big round number.
Major Levels to watch:
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Daytrader21 25 10月

Update 1: We're still below the big psychological number 0.9500 as we weren't able to have a weekly close above this level suggesting the bears may still be in control. For coming week that level should provide resistance and to the downside the first level of support comes at 0.9400 where price can see a pause before going further down

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Update 2: After another retest of the 0.9500 resistance level we finally got a strong reaction and sold off again retesting the 0.9300 support level. We can't rule out a retest of the 50% fib retracement from the 0.9580 highs before to continue lower again.

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Update 3: It seems that the market has established a new range zone. This range zone is much more narrowed between 0.9300 support level and 0.9445 resistance level. Until we can get a break and a daily close above either of this two levels we're stuck inside this range and there is no clear direction.

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Daytrader21 15 11月

Update 4: We broke above the 0.9445 pivot point and resistance level but the big round number and psychological figure 0.9500 has been proving a much more better resistance level as we weren't able to post a weekly close above that level. For the coming week we should see 0.9500 act as resistance and we should see a retest of 0.9400 and lower.

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GBP/CHF Elliott Wave Analysis

AfterSNB decided to drop the 1.2000 EUR/CHF floor the price action on CHF crosses has been distorted, however, we can still find a way to guide us through the current mess by simple using support and resistance level and the box trading ranges (see Figure 1). GBP/CHF as being a cross pair has a lot of tendency to consolidate and we can find more often it's moving inside this range boxes. Usually if we have this type of boxes on the left side of the chart, we can see how by s…
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Daytrader21 25 10月

Update 1: Since the market wasn't able to close above the big psychological number 1.5000 there is reason to believe it will act as resistance and next week we can expect a pullback. First level of support comes at 1.4850 from where the market can bounce

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Update 2: It seems that wave B has extended more than I was expecting but we can call it completed at 1.5350. Right now wave C is developing and we should see a break below the big psychological figure 1.5000. The next big level of support comes at 1.4600 where current sell-off should stop and wave C can be called completed.

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Daytrader21 15 11月

Update 3: If GBP/CHF doesn't start selling off right from the beginning of next week than I may be wrong on this trade. We need to break below 1.5150 in order to be able to see more downside and a possible reversal.

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EUR/GBP Elliott Wave Analysis

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…
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Update 1: Even though we had quite a strong rally above previous swing high at 0.7400 we should see a fade back as the structure of current up leg looks very thin and we need to fill in the gap. First level of support is at 0.7220 a break and a close below it should see further downside.

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GBP/CHF Range Boxing

After SNB decided to drop the 1.2000 EUR/CHF floor the price action on CHF crosses has been distorted however we can still find a way to guide us through the current mess by simple using support and resistance level and the box trading ranges (see Figure 1). GBP/CHF as being a cross pair has a lot of tendency to consolidate and we can find more often it's moving inside this range boxes. Usually if we have this type of boxes on the left side of the chart we can see how by sim…
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Update 1: The sell off from the 1.5400 high is a normal reaction to complete wave 4 of 5. Right now based on Elliott Wave we should expect further consolidation before more upside. Support level stands at 1.4600 previous week's low

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Update 2: I think that wave 4 is now under the last stage before to finish the sequence. The low of 1.4595 represents wave A of wave 4 and we can expect in the short-term another break lower below 1.48800 to complete wave B and than another push higher.

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Update 3: We're still trapped within a narrow range between 1.4750 and with resistance at the 1.5110 level which is also the top of the current range box. Other major level we have to keep in mind is the big psychological number 1.5000 which can give us further insights into where to price will go

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Update 4: The path for the coming week is still to remain in this range consolidation zone but since we have already tested the bottom of the range it make sense to expect an upside reaction and a retest of the top of the range. In order for more upside we need a break of the big round number 1.5000.

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EURCAD Elliott Wave Analysis

Based on the Elliott Wave count we can tell that EUR/CAD is at the beginning of resuming its long term downtrend. On a weekly chart we can discern an WXY pattern which can be subdivided into wxy patterns of smaller degree. Right now we're testing an historical level 1.4500 which has provided good resistance in the last few years.
Major Levels to watch:
  • 1.4500 Big round number and psychological number, Resistance level;
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Update 1: The market has experienced a violent rally that can put in place a major high as usually at market turns the volatility is the greatest. We need the big round number 1.5000 to hold as resistance if this holds we can still see further downside

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AUD/CHF Inside Down Channel

On the daily chart we can see that since the SNB black swan event the market has been moving inside a downward channel (see Figure 1)which can also be a diagonal, and based on the Elliott Wave we should see a 5 wave move inside the channel before the market to decide on it's direction. Currently we're in the stage of developing the 3rd wave but first we'll need to hit the lower limit of this channel at around the big round number and psychological number 0.6800 where a bounc…
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Update 2: After we retested the previous minor resistance at 0.7100 the market has been drifting lower as expected and we had another retest of the big round number 0.7000. since we couldn't mange to get below the round number this week we can expect a false breakout below it and than a quick recovery, at least that's the plan.

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Update 3: Once again the big round number 0.7000 has provided some good support in the past week. Still nothing much has happened and as per my forecast we should expect further range activity and for next week look again for 0.7000 to provide support and resistance stands at 0.7130

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Update 4: The momentum has pushed this pair to the upside and we stop at key resistance level 0.7300 which is also the top of previous range box and which I'm expecting to hold any upside movement. For coming week first level of support is the round number 0.7200

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Update 5: AS expected not only that the upside momentum has fade away but we also found support at 0.7200 level as per my previous update. Right now we can't exclude a retest of previous weeks high at 0.7280 before resuming down. First level of support comes in at 0.7130 level.

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Update 6: The sell of has been quite violent and once we broke below 0.6900 the momentum has start accelerating. However the momentum has started to pick up and we can see a "v" shape low

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AUD/CAD Elliott Wave Analysis

Based on the Elliott Wave analysis AUD/CAD is headed much more lower (see Figure 1). We're in a very complex corrective pattern which suggest lower price in the weeks and months ahead.Right now we're forming a double zig-zag pattern of lesser degree which is based on the wave X connector of higher degree which should end near the 50 fib retracement at around the 0.8000 big round number.
Major Levels to watch:
[list][/list]…
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Update 2: This morning we have just touched our target at 0.9520. However this may be just a false breakout  as we're still moving inside a range zone between 0.8400 support zone and 0.8500 big figure and resistance zone

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Update 3: This pair has found resistance at 0.9620 but the fact that we couldn't break and close below the big round number 0.9500 it can suggest that we can see another retest of current high at around the 0.9600 level before to resume down and heading back towards our target at 0.9520

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Update 4: We're still trapped inside a wide range between 0.9400 support level and 0.9630 resistance level. Last week sell of stopped right at big round number 0.9500 and we couldn't break below it, this means we should see another attempt to retest previous high at 0.9600 before moving down again.

WallStreet6 avatar

great use of Elliot's waves and Fibonacci- my fav instruments!

Mariia avatar
Mariia 2 8月

good analysis Daytrader21

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