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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 09 10 09:43 GMT |
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The British pound fell in line with our expectation and the breach of indicated support at 1.5832 together with subsequent selloff to 1.5535 yesterday confirm our bearish count that the decline from 1.6879 (failed 5th) is still in progress with wave i ended at 1.5832, wave ii at 1.6459 and wave iii is still in progress for further decline towards 1.5412 (100% projection of wave i) and possibly towards 1.5300. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 08 10 10:17 GMT |
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The single currency extended recent decline as suggested in our previous update, reinforcing our bearish count that wave v, wave (c) of wave C as well as larger degree wave (B) has ended at 1.5145 and our indicated downside target at 1.3747-48 (previous support and 61.8% Fibonacci retracement of 1.2885 to 1.5145) and 1.3644 (100% projection of 1.4580 to 1.4029 measuring from 1.4195) had been met last week and further weakness towards 1.3500 cannot be ruled out. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 08 10 10:16 GMT |
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The greenback met renewed selling interest at 91.28 and extended the b leg of wave (2) from 93.78 towards our indicated downside target at 88.24-32 (61.8% Fibonacci retracement and previous support), however, reckon chart level at 87.36 would contain weakness and bring c leg of wave (2) later. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 05 10 10:08 GMT |
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The single currency extended recent c leg decline in line with our expectation in our previous update and downside target at 124.00 and 123.00 had been met, whilst further weakness to 121.00 is likely, as this move is still viewed as the last leg of wave 2 from 139.26, reckon downside would be limited to 120.28 (1.236 times projection of 138.49-126.95 measuring from 134.54) and 119.00 should hold on first testing. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 05 10 10:07 GMT |
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The greenback rallied in line with our expectation and indicated upside target at 1.0700 has been met and price looks set to head towards next upside target at 1.8855 in the wave iii (with i from 0.9910 to 1.0509 and ii at 1.0130), however, reckon 1.0935 would hold on first testing. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 04 10 10:29 GMT |
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The single currency fell again to 0.8603 (almost reached our indicated downside target at 0.8600) last week as suggested in our previous update and although price has recovered again from there and retracement to 0.8800 cannot be ruled out, as long as resistance at 0.8834 (previous support turned resistance) holds, another fall to said support is likely, break there would extend to 0.8575 (100% projection of a leg measuring from 0.9154) but the c leg as well as wave B from 0.9413 should hold above 0.8500. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 04 10 10:28 GMT |
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As the single currency slipped again after brief rebound to 1.5034, we are keeping our view that the wave (B) ended at 1.6010 (with a short c) and wave (C) is still in progress with first leg of (C) about to end soon and whilst weakness to 1.4637 (50% projection of 1.6010 to 1.4929 measuring from 1.5177) is likely, reckon downside would be limited to 1.4509 (61.8% projection) and bring rebound in wave ii of (C) later. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 03 10 10:23 GMT |
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The strong rebound from 1.0225 has retained our view that the fall from 1.0871 is the wave ii correction, however, as the greenback has retreated after rising to 1.0722 on Monday, suggesting initial consolidation would be seen but downside should be limited to 1.0415 (61.8% Fibonacci retracement of 1.0225 to 1.0722) and bring another rise later. Above resistance area at 1.0748/50 would signal the wave iii is taking place, then retest of 1.0871 resistance would be seen later. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 03 10 10:22 GMT |
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Despite Friday’s brief fall to 1.4635, as euro has recovered from there on profit-taking, suggesting minor consolidation would take place and retracement to 1.4828 (38.2% Fibonacci retracement of 1.5140 to 1.4635), however, reckon 1.4888 (50% Fibonacci retracement) would attract renewed selling interest and bring another decline later. Below said support at 1.4635 would extend marginally, however, still reckon support at 1.4577 would hold, bring another strong rebound later this month. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 02 10 10:41 GMT |
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Although the British pound has continued to edge lower and weakness to 143.00 cannot be ruled out, only a daily close below support at 142.00/05 would signal the wave ii from 139.30 has ended at 150.70, then further weakness to 141.00 and then retest of 139.30 would follow. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 02 10 10:40 GMT |
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Cable's retreat from 1.6459 suggests the correction from 1.5832 has ended there and downside bias remains for a retest of this support, break there would confirm wave ii has ended, then decline from 1.6879 should resume in wave iii for further weakness to 1.5708 and later to 1.5600. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 01 10 10:17 GMT |
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The single currency fell again last week partly due to the release of better-than-expected U.S. GDP data and price dropped to as low as 1.3851 this morning, adding credence to our bearish count that wave v, wave (c) as well as wave C has ended at 1.5145 and our indicated downside target at 1.3950 has been met and price is still holding above indicated calculated level at 1.3801 (50% Fibonacci retracement of the entire wave C from 1.2457 to 1.5145). Although initial sideways trading would be seen this week and recovery to 1.4029 (previous support turned resistance) cannot be ruled out, reckon 1.4195 resistance would hold, bring further decline to 1.3747-48 (previous support and 61.8% Fibonacci retracement of 1.2885 to 1.5145) but reckon 1.3644 (100% projection of 1.4580 to 1.4029 measuring from 1.4195) would hold from here. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Feb 01 10 10:16 GMT |
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As indicated in our previous update, early break of 91.25 signals the first leg of upmove from 84.82 (tentatively a leg of wave (2)) has ended at 93.78 and b leg of this wave (2) is unfolding and reached our indicated downside target at 89.30 (50% Fibonacci retracement of the a leg from 84.82). Although dollar has recovered from 89.14, expect upside to be limited to 91.88 resistance and bring another decline later towards 88.24-32 (61.8% Fibonacci retracement and previous support), however, reckon chart level at 87.36 would contain weakness and bring c leg of wave (2) later. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Jan 29 10 10:18 GMT |
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The single currency continued to head south in line with our expectation in our previous update and downside target at 135.00 has been met today (intra-day low as 124.81) and further subsequent weakness to 124.00 is likely, however, reckon 123.00 (100% projection of 138.49 to 126.95 measuring from 134.54) would hold on first testing. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Jan 29 10 10:16 GMT |
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The greenback continued to move higher as expected in our previous update and indicated upside target at 1.0509 has been met and price looks set to head towards next upside target at 1.0592 (previous support turned resistance) in the wave iii (with i from 0.9910 to 1.0509 and ii at 1.0130) and later towards 1.0700 later. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Jan 28 10 10:55 GMT |
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The British pound has continued to trade within recent range as expected and we are keeping our count that wave i of 5 has ended 139.30 and minor wave ii correction is taking place with a leg of wave ii ended at 150.70 earlier and wave b has possibly ended at 143.65 and c leg of wave ii has possibly commenced and gain to 148.00 and possibly 150.00 would be seen but only break of 150.70 would confirm and extend gain to 152.00 but reckon resistance at 153.20 would hold from here. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Jan 28 10 10:54 GMT |
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Despite early rise to 86.21, the subsequent strong retreat from there suggests top has possibly been formed there as the end of wave 5 of (C) and downside bias is seen for weakness to 79.85/90, break there would extend weakness towards 78.60/65. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Jan 27 10 09:59 GMT |
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Despite recovering to 0.8796 on Monday, as the single currency has retreated, suggesting the c leg decline from 0.9154 is still in progress and retest of last week's low of 0.8650 would be seen, break there would extend weakness to 0.8600 but reckon 0.8575 (100% projection of a leg measuring from 0.9154) would limit downside and the c leg as well as wave B from 0.9413 should hold above 0.8500. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Jan 27 10 09:58 GMT |
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The strong rebound from 1.0225 has reinforced our previous bullish count that the fall from 1.0871 is still the wave ii correction and consolidation with upside bias remains for gain to 1.0748/50, then test of 1.0871. Once resistance at 1.0871 is penetrated, this would confirm our bullishness that wave iii is under way for gain to resistance at 1.0996 but a sustain breach above there is needed to encourage for headway to resistance at 1.1126. |
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