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GBPUSD - Pull back or Reversal of Trend?

The British Pound posted impressive gains last week. And that too, without any catalyst in place. Throughout the week we saw minimal retracements as the price marched higher, which is usually a sign of unusual strength.
But it is still unclear if the trend is reversed, or if the move is merely a pull back against the main down trend.

The chart below shows GBPUSD retracing already 50% of the move down, and that without a catalyst.
On Tuesday we have inflation related data coming out of the UK. T…
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EURGBP Continues down after 3 wave ABC Correction

Overview
As the monetary policies of the ECB and BOE continue to diverge with GBP facing an imminent rate hike, and the EUR having just experience a rate cut, the outlook on this pair is bearish.
In the past month, we have seen a 3 wave correction occur, after a big move to the downside. The pair has broken to new lows and it can be assumed a new leg in the downtrend is in progress
Levels
0.7874 - Daily breakout point (low of last major leg down)
0.7757 - Weekly Support level
0.7480/0.7500
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Jignesh 2014年10月09日

EURGBP is bullish for the week after bouncing off the weekly support level.  The 50% retracement of the last leg down comes at .7916.  Will be watching that level for bears to continue the downward momentum.

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Jignesh 2014年10月13日

The focus for this upcoming week is the price to be contained by the 50% at .7916 and a close below support/resistance level of .7875

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Jignesh 2014年10月24日

The pair got declined from the .8040 level and looking like it is resuming it's down trend.  Currently .7875 is offering some support showing a tweezer bottom on the daily chart.

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Jignesh 2014年10月31日

After consolidating in the 7875 for almost a week, the pair has finally made a concise break.  With EUR CPI data later in the session, the pair still stand a good possibility of reaching targets.

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Jignesh 2014年11月03日

The pair is moving rapidly to the downside after breaking 7875.  The momentum is good, indicating a good possibility of hitting targets by specified time.  The current price is 0.7814 and is about 57 pips away with 10 hours to go.  There is both EUR & GBP data later today..  GBP Manufacturing PMI should move this pair towards the targets if the data supports a bullish GBP

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USDCAD to continue correcting against the H4 Trend

USDCAD Looks like it may be continuing it's trend to the upside from last year, after spending much of the time this year correcting.
  • So far we can see 3 waves to the downside, with a flat correction ending at the 50% of the move to the upside
  • The retracement on the first leg up is usually deep, indicating a high possibility of a double correction
  • Previous support at the 76.4% marks an ideal spot for a reversal

USDCAD - 4H Wave Count

As per the above chart, there are 3 waves to the upside mar…
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Jignesh 2014年09月03日

With CAD data coming up within the next 24 hours, I expect the 1.0950 level to hold to complete the X wave, however, as long as the pair stays below the 1.10 handle this view remains valid.

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Jignesh 2014年09月22日

The pair made a new high, indicating that the correction was a single correction and not a double.  The wave count is no longer marked as WXY but a simple ABC.  There are already 5 swings to the upside and the pair has started to pull back, but it remains bullish against  1.0808 and it is not likely to see any further downside.  The setup is invalidated and I do not expect the targets to be hit.

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US Dollar Remains Bearish - Long term down trend

Every time the US Dollar gets a bit of a lift, many trader's become extremely bullish the US Dollar calling a long term change in trend. I distinctly recall last year in May. The dollar made a marginal new high (monthly chart), and traders were piling on USD Longs.
The long term players are not going to be getting on this bandwagon. In fact, long term players are still looking at short the currency and will continue to do so.
There are two ways to look at this. Fundamentally & Technically.
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Omela avatar
Omela 2014年05月18日

it is perfectly!)

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