EURUSD, showdown

Hi Traders,

The EURUSD failed to go through the major resistance at 1.32 and completed a 2-step pattern (1-2-3 upwards) as expected. If this analysis is correct the currency pair has exhausted its upwards energy and should start a downtrend.

TARGETS

likely: 1.2998 and the area 1.29923-1.29750
possibly: 1.28755 and 1.2818
maybe: area 1.2742-1.2754
medium term: area 1.2406-1.2389

ENTRY POINT

Don't entry unless the "Wave Oscillators" in the 4-hour and 1-hour chart show "permission to entry". Possibly, seek a confirmation from the Awesome oscillator in both time frames.

ELLIOTT WAVES

The monthly chart shows that the a-b-c-d should be followed by "wave e" a long way downwards, especially in case of breakout of the major supports at 1.24 and 1.19.

The weekly chart shows that after the top at 5d the EURUSD started 5 major waves downwards, wave 1 and 2 (in magenta) already in place and wave 3 starting on.

The daily chart  confirms that after the top at 32 we also have 2 waves down and wave 3 just started.

The 4-hour chart shows the last top at 32 and that a wave downwards just started

NOTE: in the 4-hour chart that shows only the "wave oscillator" we have some "Top Cusps" showing a moderate reversal. However, the red lines are not touching yet or not close enough to give you "the go". Furthermore, the Awesome oscillator is not down to zero yet.

monthly chart, click to enlarge

 daily chart, click to enlarge

daily chart, click to enlarge

daily chart of the Wave Oscillator, click to enlarge

4-hour chart, click to enlarge

4-hour chart of the Wave Oscillator, click to enlarge

 1-hour chart of the Wave Oscillator, click to enlarge

GBPUSD, perfect entry

Hi Traders,

The GBPUSD, now at 1.5196, bounced back on the main resistance at 1.52685 and seems to be willing to start a long downtrend. If this analysis is correct we are right on top of the perfect entry point. 

The fact that the EURUSD shows the same patterns and symptoms makes me suspicious, meaning that the GBPUSD might follow the Euro downwards.

TARGETS

likely: area 1.4853-1.4778
possible: area 1.4552-1.4542
maybe: 1.4345
longer term: 1.4053-1.3931

ENTRY POINT

Wait for wave oscillator in the 4-hour and 1-hour chart to confirm.

ELLIOTT WAVES

The GBPUSD monthly chart shows an a-b-c-d in red, meaning that "wave e" is on his way down. See 1-2 in magenta and 1-2 in red color, meaning that both wave 3 in magenta and in red are going to be downtrends.

The weekly chart shows a periodicity of 21-22 weeks, the last two vertical bars on the right coinciding perfectly with the start of the new downtrend.

The daily chart shows the GBPUSD touching the resistance at 1.51685 and the 4-hour chart shows the last 1-2-3 upwards (two-step pattern) which is usually followed by a new downtrend.

Note the 4-hour chart with the "wave oscillator" only:  the black lines are ready to move outside and the red inside (line swap), meaning downtrend.


Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hour chart, click to enlarge

4-hour chart, click to enlarge

 1-hour chart, click to enlarge

AUDUSD retracement

Hi Traders,

The AUDUSD, now at 0.9210, is taking a pause in its dive and it is heading North. This is likely to occur with a 3 wave retracement (two-step pattern).

TARGETS

likely: 0.9523
possible: area 0.9742-0.9764
maybe: area 0.9959-0.9985

ENTRY POINT

Around the area 0.916-91.8. But wait for the "Wave Oscillator" (in the 1-hour chart) to give you the "go" and for the Awesome oscillator (in the same  1-hour chart) to confirm.

To exit the trade wait for the "Wave Oscillator" (in the 4-hour chart) to take you out.

If you trade for the long run and you keep your trades going for few days, wait for the "Wave Oscillator" (in the 4-hour chart) to give you the "go" and for the Awesome oscillator (in the same  4-hour chart) to confirm.

To exit the trade wait for the "Wave Oscillator" (in the daily chart) to take you out.

ELLIOTT WAVES

As you can see by the weekly chart below, the AUDUSD is shaping an a-b-c-d-e (in magenta). Leg "e" should  unfold by means of a downtrend made of 5 waves. This retracement will be labelled "wave 2" (not labelled at present). 

But don't be fouled: after bouncing back (maybe up to the parity), it should resume the downtrend well below 0.90.


Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hour chart. Click to enlarge

 1-hour chart. Click to enlarge