Hi Traders,
The USD is flexing the muscles. EURUSD, GBPUSD and AUDUSD just completed an almost identical pattern. As announced in my previous POST, they all topped and reversed and a new downtrend just started.
ELLIOTT WAVES
This is all part of a five waves downtrend started in May 2011 for the Euro, in July 2014 for the Pound and on September 2009 for the Aussie Dollar.
All the pairs above mentioned completed four waves down - out of five - and started the last wave down. Wave four was the last retracement up and led to the last Top & Reverse.
The EURUSD (now at 1.1772) in the daily chart completed a perfect pennant and reversed.The first major target seems to be the area 1.10887-1.08718.
The GPBUSD (now at 1.3035) in the daily chart did the same. The first major target seems to be the area 1.2414-1.2380.
The AUDUSD (now at 0.7928) in the daily chart completed a different pattern but equally topped and reversed. The first major target seems to be around 0.7560.
EURUSD daily chart. Click to enlarge
GBPUSD daily chart. Click to enlarge
AUDUSD daily chart. Click to enlarge
The USD is flexing the muscles. EURUSD, GBPUSD and AUDUSD just completed an almost identical pattern. As announced in my previous POST, they all topped and reversed and a new downtrend just started.
ELLIOTT WAVES
This is all part of a five waves downtrend started in May 2011 for the Euro, in July 2014 for the Pound and on September 2009 for the Aussie Dollar.
All the pairs above mentioned completed four waves down - out of five - and started the last wave down. Wave four was the last retracement up and led to the last Top & Reverse.
The EURUSD (now at 1.1772) in the daily chart completed a perfect pennant and reversed.The first major target seems to be the area 1.10887-1.08718.
The GPBUSD (now at 1.3035) in the daily chart did the same. The first major target seems to be the area 1.2414-1.2380.
The AUDUSD (now at 0.7928) in the daily chart completed a different pattern but equally topped and reversed. The first major target seems to be around 0.7560.
EURUSD daily chart. Click to enlarge
GBPUSD daily chart. Click to enlarge
AUDUSD daily chart. Click to enlarge
