The massive depreciation of the USD vs YUAN

Hi Traders,

The us dollar vs Chinese Yuan (now at 6.298) is bottoming down, maybe around 6.27 or earlier. A retracement to 6.44 might start soon.

ELLIOTT WAVES

The weekly and the daily charts show the impressive depreciation of the US dollar since January 2017, just about when the new US president took his office. 

Considering 100% the range between the highest high and the lowest low of the USD vs YUAN  (6.9874 - 6.0153), the USD dropped a wopping 72% in 12 months.

Between 1.29 and 1.25 (see the target at 1.27 on the weekly chart), the USD might unfold a retracement wave to 6.44 as displayed in the daily chart.




Weekly chart, click to enlarge

Daily chart, click to enlarge

4-hours chart, click to enlarge

The Pound: a dead duck in the water?

Hi Traders,

Although I originally expected the Pound (now at 1.42) to top around 1.45, it  might not be able to make it. 

Even if the GBPUSD attempts another rally to 1.45, it should be the last one and the start of a major downtrend might be in sight.

Consequently, the top we have seen at 1.4345 might be the very end of the rally started on Oct 2016 at 1.1825.

ELLIOTT WAVES

The monthly and the weekly charts display the end of major wave 4. They also show the theoretical target at 1.45.

The daily and 4-hours charts display the last wave count.

Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge

$-hours chart, click to enlarge