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Elliott Wave Trades |
Written by ActionForex.com |
Feb 09 10 10:21 GMT |
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The Australian dollar continued to edge higher as we suggested in our previous update and we are keeping our count that minor wave iii of recent C leg decline from 0.9331 has ended at 0.8578 and consolidation would take place in wave iv for recovery towards 0.8846 (38.2% Fibonacci retracement of wave iii from 0.9280 to 0.8578), however, renewed selling interest should emerge there and bring another decline later. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 08 10 10:27 GMT |
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Although the single currency rebounded after Friday's selloff to 120.70, a firm breach above resistance at 123.33 (Friday's high) is needed to signal the wave v of the c leg from 134.37 has possibly ended there and bring correction of recent decline towards 124.45 (wave iii trough), otherwise, retest of said support cannot be ruled out, below would suggest the final leg of wave v is underway to 120.00 before prospect of a strong rebound later this week. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 08 10 10:25 GMT |
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Despite falling to 0.8578 last Friday, the rebound from there suggests the minor wave iii of recent C leg decline from 0.9331 has possibly ended there and consolidation would take place in wave iv and recovery towards 0.8846 (38.2% Fibonacci retracement of wave iii from 0.9280 to 0.8578) would be seen, however, renewed selling interest should emerge there and bring another decline later. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 05 10 10:48 GMT |
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The single currency tumbled after faltering below indicated near term key resistance at 127.08 and resumed recent decline, suggesting the wave c from 134.37 is still in progress and although euro has recovered after falling to 121.57 yesterday, upside should be limited to 124.00 and resistance at 124.45 (wave iii trough) and bring another decline later. Below 121.57 would extend weakness to 120.50 and possibly 120.00. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 05 10 10:47 GMT |
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Yesterday's breach of support at 0.8735 calls for a review of our preferred count and revives our previous bearish count that, wave 5 of C of larger degree wave (B) has ended at 0.9407 which followed by a major A-B-C correction with A leg ended at 0.8735, the rebound to 0.9331 is wave B and the C leg is now in progress and already reached equality projection of A leg at 0.8659 (0.9407-0.8735 measuring from 0.9331) and further weakness towards 0.8500 (1.236 times projection) would be seen, however, reckon 0.8400 would limit downside due to oversold condition. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 04 10 10:48 GMT |
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Despite rising to 126.98 yesterday, the single currency failed to penetrate indicated resistance at 127.08 and has retreated, suggesting further consolidation would take place and retest of support at 124.45 cannot be ruled out, break there would signal the final leg of wave v is in progress for weakness towards 123.99 (61.8% projection of 133.65 to 126.55 measuring from 128.38), however, reckon 123.00 (100% projection of 138.49 to 126.95 measuring from 134.54) would hold. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 04 10 10:47 GMT |
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The Australian did falter below indicated resistance at 0.8928 and has fallen again, suggesting the last leg of wave c is still in progress and whilst weakness towards support at 0.8735 cannot be ruled out, loss of momentum would limit downside to 0.8700 and bring rebound later. Above said resistance would confirm low has been formed and bring stronger rebound towards next resistance at 0.9049. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 03 10 10:35 GMT |
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Although the single currency has continued to move higher, break of 127.08 resistance is needed to confirm low has been formed at 124.45 on Monday as wave v and bring stronger rebound to 128.38, then towards 129.00/10 but reckon resistance at 129.50 would hold from here. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 03 10 10:34 GMT |
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Despite falling to 0.8780 yesterday as RBA kept rates unchanged, aussie rebounded after holding above this week’s low at 0.8775, suggesting further consolidation would be seen but only a sustain break of resistance at 0.8928 (yesterday’s high) would signal temporary low is formed, then stronger rebound to 0.9000 would follow but above resistance at 0.9049 is needed to confirm the decline from 0.9331 is over. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 02 10 10:54 GMT |
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Although the single currency rebounded after falling to 124.45 yesterday, break of 127.08 resistance is needed to confirm low has been formed there as wave v and bring stronger rebound to 128.38, then towards 129.00/10 but reckon resistance at 129.50 would hold from here. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 02 10 10:52 GMT |
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Aussie ran into heavy offers this morning at 0.8928 this morning and fell sharply from there, suggesting the decline from 0.9331 remains in progress and weakness towards 0.8750 cannot be ruled out, however, loss of near term downward momentum should limit downside to recent low at 0.8735 and bring another rebound later. Above 0.8928 would signal low has possibly been formed and bring stronger rise towards 0.8960/65, then test of resistance at 0.9049, once this level is penetrated, this would confirm and extend gain to 0.9095/00 later. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 01 10 10:47 GMT |
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Despite rebounding to 126.78 last Friday, the stronger-than-expected retreat and the breach of previous support at 124.81 suggest recent decline is still in progress and one more fall to 123.99 (61.8% projection of 133.65 to 126.55 measuring from 128.38) but reckon 123.40/50 would hold, bring another rebound later. However, only a daily close above said resistance at 126.78 would signal low has been formed and bring test of 127.08 resistance later. |
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Elliott Wave Trades |
Written by ActionForex.com |
Feb 01 10 10:46 GMT |
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Although aussie has remained under pressure and the decline from 0.9331 may extend weakness towards 0.8950, oversold condition should limit downside to recent low at 0.8735 and bring another rebound later. Above 0.8960/65 is needed to signal low has possibly been formed and risk stronger rebound towards resistance at 0.9049, once this level is penetrated, this would confirm and extend gain to 0.9095/00 later. |
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Elliott Wave Trades |
Written by ActionForex.com |
Jan 29 10 10:25 GMT |
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Despite intra-day brief fall to 124.81, as the single currency has rebounded from there, consolidation with mild upside bias is seen but break of 127.08 resistance (yesterday’s high) is needed to confirm low has been formed there and bring correction of recent decline towards 127.50/60 but reckon this week’s high at 128.38 would hold from here. |
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Elliott Wave Trades |
Written by ActionForex.com |
Jan 29 10 10:21 GMT |
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Although aussie has recovered after marginal fall to 0.8885, current price action suggests as long as 0.9000 holds, downside risk remains for the c leg decline to extend one more fall to 0.8865 (50% projection of 0.9279 to 0.8910 measuring from 0.9049), however, reckon 0.8821 (61.8% projection) should hold. |
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Elliott Wave Trades |
Written by ActionForex.com |
Jan 28 10 11:04 GMT |
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Although the single currency rebound after marginal fall to 125.23 yesterday and consolidation would be seen, reckon upside would be limited to 128.38 and bring another decline later towards 124.83/85 (50% projection of 133.65 to 126.55 measuring from 128.38), however, loss of momentum should limit downside to 124.40/50 and bring rebound later. |
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Elliott Wave Trades |
Written by ActionForex.com |
Jan 28 10 11:03 GMT |
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Although the Australian dollar fell to as low as 0.8910, as the currency pair rebounded from there, suggesting the minor wave 5 of the c leg has possibly ended there and consolidation with upside bias remains for gain to 0.9090/95 but break there is needed to confirm and extend gain towards 0.9140/50 but reckon resistance at 0.9174 (wave a trough) should hold. |
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Elliott Wave Trades |
Written by ActionForex.com |
Jan 27 10 10:24 GMT |
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Euro's intra-day selloff to 125.30 suggests the decline from 134.37 is still in progress and weakness towards 124.83/85 (50% projection of 133.65 to 126.55 measuring from 128.38) cannot be ruled out, however, loss of momentum should limit downside to 124.40/50 and bring rebound later. |
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Elliott Wave Trades |
Written by ActionForex.com |
Jan 27 10 10:22 GMT |
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Despite intra-day brief bounce to 0.9046, the retreat from there suggests the decline from 0.9331 may still extend one more fall to 0.8910, however, reckon downside would be limited to 0.8878 (61.8% projection of 0.9331 to 0.8983 measuring from 0.9093) and bring rebound due to loss of downward momentum. |
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