EURUSD - Slow upwards movement expected this week
Elliott Wave Forex
Be ahead of the Pack. Know tomorrow's price movements TODAY. Full charts and videos by experts analysts.
The pair did not move lower as our previous analysis expected. We did however see the pair move higher as was expected for later in the week and this has resulted in the wave count staying the same for the new analysis with minor updates.
8 Hourly Count: Main
- Invalidation Point:1.30013
- Confirmation Point:1.31290 (Increase in confidence)
- Upwards Target:1.32924
- Wave number: c Orange
- Wave structure: Motive
- Wave pattern: Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 19 April, 2013.
http://mediaserver.fxstreet.com/Repo...0422053829.png
The 8 hourly count expects waves (w) and (x) green are complete within the combination expected for wave ii pink.
Within wave (y) green waves a and b orange are seen as complete and upwards movement within wave c orange is expected.
Movement above 1.31290 would provide an increase in confidence for this wave count.
At 1.32924 wave c orange would reach 1.618 the length of wave a orange. This target falls between the .5 and .618 retracement of wave i pink. We need to keep in mind that at this early stage wave c orange may unfold as an ending diagonal which may cause it to fall short of the upwards target.
Movement below 1.30013 would invalidate this wave count as no second wave correction within wave c orange may move beyond the start of the first wave.
More...
EUR/USD: Short at 1.3080 for 1.2962 objective, stop 1.3133
Majors
EUR/USD: SHORT AT 1.3080 FOR 1.2962 OBJECTIVE, STOP 1.3133
USD/JPY: LONG AT 97.76 FOR 100.43 OBJ, REVISED STOP 98.90
GBP/USD: LOOK TO BUY NEAR 1.5176-99 AREA
USD/CHF: BUY AT .9301 FOR .9413 OBJECTIVE, STOP .9274
AUD/USD: SHORT AT 1.0345 FOR 1.0202; STOP AT 1.0369
USD/CAD: LONG AT 1.0235 FOR 1.0343, STOP AT 1.0170
Crosses
EUR/JPY: AWAIT TRADE OPPORTUNITY, POSS BUY LOWER
EUR/GBP: BUY AT .8540 FOR A .8685 OBJECTIVE, STOP AT .8485
EUR/CHF: BUY AT 1.2164 FOR A 1.2218 OBJECTIVE; STOP AT 1.2148
EUR/CAD: SHORT AT 1.3430 FOR 1.3200 OBJ, STOP 1.3540
GBP/JPY: BUY AT 150.90 FOR 154.85, STOP AT 149.45
NZD/USD: SHORT AT .8470 FOR A .8352 OBJECTIVE, STOP AT .8495
More...
Daily Forex and Dow Jones Recommended Levels
Several words about the EUR/USD future.
Resistance (daily close) : 1.3182, 1.3364, 1.3590 and 1.3778. After that 1.3958, 1.4186 and 1.4400. Break of the latter will give 1.4490, 1.4692
More...
EUR/USD: about to challenge 1.3000
EUR/USD Current price: 1.3022
View Live Chart for the EUR/USD
http://mediaserver.fxstreet.com/Repo...0422132735.png
Risk to the downside increases for the EUR/USD as the pair approaches latest low of 1.3001 posted last April 17th. With not much fundamental data behind and US Existing Home sales in a couple hours, the pair has been under selling pressure since early European opening, weighted by ECB’s Constancio comments regarding a possible rate cut from ECB next month. The hourly chart shows price well below 20 SMA while indicators head south below their midlines. In the 4 hours chart technical readings are also bearish, with momentum crossing the 100 level and RSI accelerating below 50. A break of 1.3000 should trigger stops and favor a stronger slide in the pair, with 1.2935 then at sight for today.
Support levels: 1.3000 1.2970 1.2935
Resistance levels: 1.3040 1.3070 1.3115*
GBP/USD Current price: 1.2536
View Live Chart for the GBP/USD (select the currency)
http://mediaserver.fxstreet.com/Repo...0422132805.png
Pound managed to bounce slightly higher from key 1.52 level against the greenback, but remains neutral according to the hourly chart, as price hovers around a flat 20 SMA as indicators lay around their midlines. In the 4 hours chart 20 SMA heads lower, crossing to the downside 200 EMA both around 1.5260 and offering strong resistance in case of further advance, while indicators head slightly lower right below their midlines. As long as below this 1.5260 level, the downside remains favored thus needing technical confirmation with a break below 1.5190 immediate support.
Support levels: *1.5190 1.5150 1.5120
Resistance levels: 1.5260 1.5295 1.5330
USD/JPY Current price: 99.60
View Live Chart for the USD/JPY (select the currency)
http://mediaserver.fxstreet.com/Repo...0422132828.png
After opening the week with a strong note, the USD/JPY has spent most of the past two sessions in a 20 pips range, again unable to take the 100.00 psychological level. Yen weakness has been supported by G20 statement welcoming BOJ ultra lose policy past Friday, yet the pair still refuses to take the 100.00 level. *The hourly chart shows indicators heading lower with momentum below 100 and RSI still above 50, suggesting not much selling interest around, while 100 and 200 SMA approach each other below current price. Downside corrective movements may gather momentum only on a break below 99.50 immediate support, although the movement will find strong buying interest if 98.80 area is reached.*
Support levels: 99.50 99.20 98.80
Resistance levels: 100.00 100.35 100.80
AUD/USD: Current price: 1.0255
View Live Chart for the AUD/USD (select the currency)
http://mediaserver.fxstreet.com/Repo...0422132846.png
The AUD/USD trades under pressure today, having posted a daily low of 1.0250 and consolidating nearby ahead of the US opening. The hourly chart shows price limited to the upside by a bearish 20 SMA, while indicators head south below their midlines, all of which supports a downward continuation. In the 4 hours chart technical readings are also biased lower, with fresh lows anticipating a run towards 1.0100 over the upcoming sessions.
Support levels: 1.0260 1.0220 1.0180
Resistance levels: 1.0300 1.0335 1.0380*
http://cdn.fxstreet.com/images/iconoeduc1.gif New to Forex? Visit our Glossary!
More...
Daily Forex and Dow Jones Recommended Levels
Several words about the EUR/USD future.
Resistance (daily close) : 1.3182, 1.3364, 1.3590 and 1.3778. After that 1.3958, 1.4186 and 1.4400. Break of the latter will give 1.4490, 1.4692
More...
GBPUSD is facing trend line support
GBPUSD is facing the support of the upward trend line on 4-hour chart, a clear break below the trend line support will suggest that the upward movement from 1.4831 had completed at 1.5411 already, then the following downward move could bring price to 1.4500 zone. On the upside, as long as the trend line support holds, the uptrend could be expected to resume, and one more rise towards 1.5600 is still possible. Resistance is at 1.5335, a break above this level could signal resumption of the uptrend.http://blog.forexcycle.com/wp-conten...4_gbpusd_1.gif
More...
Daily Chart Art - April 24, 2013
USD/CAD: 1-hour
http://www.babypips.com/blogs/pippin...424/usdcad.png
Comdoll lovers out there will go nuts for this setup on USD/CAD. It's a perfect*ascending triangle*This chart pattern usually precedes a strong bullish move, so I wouldn't be surprised to see the 1.0285 resistance level give way in the coming days. But then again, we can't rule out a downside breakout either, so you should also have a backup plan in case sellers take control and drag price to a new low.
More...