Wed, Dec 02, 2020 @ 00:44 GMT
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Elliott Wave Weekly

EUR/JPY Elliott Wave Analysis





The single currency found renewed buying interest at 132.05 last week and has rallied above indicated previous resistance at 134.50, confirming medium term upmove has resumed and may extend further gain to 135.00-10, then 135.50-60, however, near term overbought condition should prevent sharp move beyond 136.00-10 and price should falter below 136.90-00, the pair should falter well below

USD/CHF Elliott Wave Analysis

Although the greenback met resistance at 0.9935 last week and price has slipped again this week, reckon downside would be limited to 0.9800-10 and bring another rise later, above said resistance at 0.9935 would signal the pullback from 0.9978 has ended and bring retest of this level, break there would add credence to our view that correction from 1.0039 is over, bring further gain to

GBP/USD Elliott Wave Analysis

As cable met resistance at 1.3466 and retreated again, retaining our bearishness and as long as this level holds, mild downside bias remains for another test of 1.3302 support, break there would extend the erratic fall from 1.3550 to 1.3470, however, a break of indicated support at 1.3221 is needed to signal top has been formed at 1.3550, bring further fall to 1.3200, then towards

USD/JPY Elliott Wave Analysis

The greenback only slipped to 112.03 late last week before rebounding (just missed our long entry at 112.00) and gain to 113.00-05 cannot be ruled out, however, as outlook remains consolidative, reckon upside would be limited to 113.50 and resistance at 113.75 would hold from here, bring further choppy trading. Only a break of 113.75 would revive bullishness and signal the rebound from 110.84 is still in progress and

EUR/USD Elliott Wave Analysis

The single currency met resistance at 1.1863 last week and has retreated, retaining our view that further consolidation below resistance at 1.1961 would be seen and test of support at 1.1713-17 cannot be ruled out, however, break there is needed to signal the rebound from 1.1554 has ended at 1.1961, bring further fall to 1.1660-65, then towards

EUR/JPY Elliott Wave Analysis

Despite this week’s initial marginal gain to 133.89, renewed selling interest emerged there and the pair has dropped sharply from there, price broke below previous support at 132.26, dampening our bullishness and signaling the retreat from 134.38 is still in progress, hence weakness to 131.72 support cannot be ruled out, however, as broad outlook remains consolidative, reckon downside would be limited and

USD/CHF Elliott Wave Analysis

Although the greenback retreated after meeting resistance at 0.9978, as the strong rebound from 0.9735 signals correction from 1.0039 has ended there, reckon downside would be limited to 0.9800-10 and bring another rise later, above said resistance at 0.9978 would add credence to this view, bring further gain to 1.0000, break there would confirm upmove has resumed for

GBP/USD Elliott Wave Analysis

Although cable rebounded last week to as high as 1.3521, renewed selling interest emerged there and the British pound has slipped again, retaining our view that further consolidation below 1.3550 would be seen and mild downside bias remains for weakness to 1.3300, then 1.3470, however, a break of indicated support at 1.3221 is needed to signal top has been formed at 1.3550, bring further fall towards

USD/JPY Elliott Wave Analysis

The greenback found renewed buying interest at 111.99 and has rallied again, suggesting the rebound from 110.84 is still in progress and may extend gain to 113.91 resistance, break there would signal the pullback from 114.74 has ended at 110.84, bring further rise to 114.30-35, then retest of said recent high which is likely to hold on first testing and price should falter below

EUR/USD Elliott Wave Analysis

The single currency dropped last week on dollar’s broad-based rebound and the pair fell to as low as 1.1730 late last week, suggesting top has possibly been formed at 1.1961, hence consolidation below this level would be seen and below said support at 1.1730 would bring test of support at 1.1713, a break there would suggest the rebound from 1.1554 has ended at 1.1961, bring further fall to

EUR/JPY Elliott Wave Analysis





Although the single currency retreated after meeting resistance at 134.38 and further consolidation below recent high at 134.50 would be seen, as euro found renewed buying interest at 132.26 and has staged a rebound, retaining our bullishness and mild upside bias remains for another rebound to 134.00, then towards

USD/CHF Elliott Wave Analysis

Although the greenback extended recent fall from 1.0039 to as low as 0.9735 late last week, as dollar found decent demand there and has staged a strong rebound, suggesting low has been formed there and consolidation with upside bias is seen for gain to 0.9947 resistance, however, a daily close above 0.9987 is needed to add credence to this view and signal entire correction from 1.0039 has ended at 0.9735

GBP/USD Elliott Wave Analysis

Although cable found renewed buying interest at 1.3221 and rallied to 1.3550, the subsequent retreat suggests consolidation below this level would be seen and as long as said resistance hold, mild downside bias is for at least a retracement of recent rise, hence weakness to 1.3300-10 would be seen, however, break of said support at 1.3221 is needed to signal top has been formed at 1.3550

USD/JPY Elliott Wave Analysis

Dollar found renewed buying interest at 111.41 on Friday and has staged a strong rebound, dampening our bearishness and suggesting low has been formed at 110.84 last week, hence consolidation with upside bias is seen for gain to 113.10-15, then 113.30-35, however, a daily close above resistance at 113.91 is needed to signal the pullback from 114.74 has ended, bring further rise to

EUR/USD Elliott Wave Analysis

As the single currency retreated after meeting resistance at 1.1961 early last week, suggesting consolidation below this level would be seen, however, reckon downside would be limited to 1.1800-10 and bring another rise later, above said resistance would signal the rise from 1.1554 is still in progress, bring further gain to

EUR/JPY Elliott Wave Analysis

Although the single currency did fall earlier this month to as low as 131.17 (our short position entered at 133.50 met target at 131.50 with 200 points profit), as euro found renewed buying interest there and has staged a strong rebound, suggesting the correction from 134.50 has ended at 131.17 and retest of this level would be seen, however, break there is needed to confirm medium term upmove has resumed and extend gain to

USD/CHF Elliott Wave Analysis

Despite falling to 0.9778 initially this week, as dollar found support there and has rebounded, suggesting consolidation with initial upside bias would be seen and recovery to 0.9900 cannot be ruled out, however, as long as resistance at 0.9947 holds, downside risk remains for the retreat from 1.0039 top to bring retracement of recent rise to support at 0.9737 which is likely to hold

GBP/USD Elliott Wave Analysis

Although cable retreated initially this week, renewed buying interest emerged at 1.3221 and the pair has surged again, adding credence to our bullish view that the erratic rise from 1.3027 is still in progress, hence upside bias remains for this move to extend further gain to resistance at 1.3455. Having said that, a sustained breach above this level is needed to suggest the correction from 1.3658 has ended

USD/JPY Elliott Wave Analysis

Dollar’s stronger-than-expected retreat from 114.74 signals top has been formed there, this also indicate at least the first leg of correction from 107.32 has ended there, hence consolidation with mild downside bias is seen for weakness to 110.50, then 110.00, however, near term oversold condition should prevent sharp fall below support at 109.55 and

EUR/USD Elliott Wave Analysis

The single currency only eased to 1.1713 last week before finding renewed buying interest (just missed our long entry at 1.1700) and broke above previous resistance at 1.1861-80, adding credence to our bullish view that the corrective fall from 1.2093 top has ended at 1.1554, hence upside bias remains for further gain towards

USD/CHF Elliott Wave Analysis

Despite rebounding last week, as the greenback ran into renewed selling interest at 0.9947 and has dropped again this week, dampening our bullishness and suggesting the corrective decline from 1.0039 top is still in progress, hence near term downside risk remains for retracement of recent rise to 0.9755-60 and then test of

GBP/USD Elliott Wave Analysis

Although cable has recovered after finding support at 1.3039 earlier and gain towards 1.3338 resistance is likely, above there is needed to retain bullishness and signal the fall from 1.3658 top has ended at 1.3027 earlier and bring a stronger subsequent bounce to 1.3400 and possibly towards resistance at 1.3455. Having said that, if

USD/JPY Elliott Wave Analysis

Although the greenback dropped again since last week, as this move from 114.74 is still viewed as retracement of recent upmove, reckon downside would be limited to 111.85-90 and previous support at 111.65 should hold, bring rebound later, above 113.30-35 would suggest low is possibly formed, bring test of resistance at 113.91 but a daily close above this level is needed to retain bullishness and signal the pullback from 114.74 has ended

EUR/USD Elliott Wave Analysis

Euro’s stronger-than-expected rebound from 1.1554 dampened our bearishness an signal the corrective fall from 1.2093 top has possibly ended there, hence consolidation with upside bias is seen for gain towards resistance at 1.1880, however, a daily close above there is needed to add credence to this view, bring further subsequent rise to 1.1930-40, then towards

EUR/JPY Elliott Wave Analysis





Although the single currency rebounded after finding support at 131.40 earlier this month, reckon upside would be limited to 133.80-85 and recent high at 134.50 should hold, bring another retreat later, below 131.90-95 would signal the rebound from 131.40 has ended, bring retest of this support, break there would ad credence to our view that a temporary top is possibly formed at 134.50, bring retracement of recent upmove to

USD/CHF Elliott Wave Analysis

The greenback retreated after faltering below resistance at 1.0039, retaining our view that further consolidation below this level would be seen, however, still reckon downside would be limited to 0.9830-40 and bring another rise later, above said resistance at 1.0039 would add credence to our view that low has been formed at 0.9421 and the upmove from there may extend further gain towards

GBP/USD Elliott Wave Analysis

Although cable met resistance at 1.3230 and retreated, as sterling found support at 1.3062 earlier this week and has rebounded, suggesting further consolidation above recent support at 1.3027 would take place and mild upside bias remains for another bounce to said resistance, break there would extend gain to 1.3290-00 but reckon resistance at 1.3338 would cap upside, bring further choppy trading

USD/JPY Elliott Wave Analysis

As the greenback has retreated after rising briefly to 114.74 early last week, suggesting consolidation below this level would be seen and pullback to 113.00-10 cannot be ruled out, however, reckon downside would be limited to 112.50-60 and bring another rise later, above said resistance at 114.74 would extend recent upmove to 115.00, break there would signal the correction from 118.66 top has ended

EUR/JPY Elliott Wave Analysis





Although the single currency fell marginally to 131.40 earlier this week, lack of follow through selling suggests consolidation would be seen and recovery to 133.00-10 cannot be ruled out, however, if our view that a temporary top formed at 134.50 is correct, upside should be limited to 133.50-60 and bring another decline, below said support at 131.40 would bring retracement of recent upmove to

USD/CHF Elliott Wave Analysis

The greenback traded narrowly after meeting resistance at 1.0139 late last month, suggesting minor consolidation would be seen and although pullback to 0.9940-50 cannot be ruled out, reckon downside would be limited to 0.9900 and renewed buying interest should emerge around 0.9865-70, bring another rise later, above said resistance at 1.0039 would add credence to our view that low has been formed at 0.9421 and