Thu, Dec 03, 2020 @ 13:06 GMT
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Elliott Wave Weekly

GBP/USD Elliott Wave Analysis

Despite rebounding to 1.3321 last week, as sterling retreated again after faltering below indicated previous resistance at 1.3338, retaining our bearishness, however, the subsequent bounce from 1.3039 suggests further choppy trading would take place and recovery to 1.3200 cannot be ruled out but upside should be limited to 1.3240 and bring another decline later. Below 1.3039 support would bring

USD/JPY Elliott Wave Analysis

As the greenback has maintained a firm undertone after recent break of indicated previous resistance at 114.45-50, adding credence to our bullish view that the rise from 107.32 low is still in progress and bullishness remains for this move to extend gain to 115.00, above there would signal the correction from 118.66 top has ended earlier at 107.32 and the rise from there may extend further gain to

EUR/USD Elliott Wave Analysis

The single currency did meet renewed selling interest at 1.1691 late last week (we recommended in our previous update to sell at 1.1665 and a short position was entered) and euro has retreated, adding credence to our bearish count that a temporary top has been made at 1.2093 earlier and downside bias remains for the erratic fall from there to bring retracement of recent rise to

USD/CHF Elliott Wave Analysis

The greenback has maintained a firm undertone after recent anticipated rise to 1.0039, adding credence to our bullish view that low has been formed at 0.9421 and upside bias remains for this rise from there to extend further gain to 1.0050, then towards previous resistance at 1.0100, however, near term overbought condition should prevent sharp move beyond

EUR/GBP Elliott Wave Analysis

The single currency has remained under pressure after breaking support at 0.8856 (now resistance) and price just broke below previous support at 0.8746, signaling the fall from 0.9307 top is still in progress, hence consolidation with downside bias remains for this fall to bring retracement of early upmove to 0.8690-95 (61.8% Fibonacci retracement of 0.8312-0.9307) and possibly towards

USD/CAD Elliott Wave Analysis

The greenback has maintained a firm undertone after recent rally above previous resistance at 1.2778, adding credence to our bullish view that low has been formed at 1.2061 and mild upside bias remains for this rise to bring retracement of early decline, hence further gain to 1.2925-30 (50% Fibonacci retracement of 1.3794-1.2061), then towards psychological resistance at 1.3000 would be seen

EUR/USD Elliott Wave Analysis

The single currency met renewed selling interest at 1.1837 last week and has dropped below indicated previous support at 1.1662-69 (now resistance), dampening our bullishness and suggesting a temporary top has been made at 1.2093 earlier, hence bearishness is seen for the erratic fall from there to bring retracement of recent rise to

USD/JPY Elliott Wave Analysis

Although the greenback edged higher to 114.45, as price has retreated after failing to test indicated previous resistance at 114.50, suggesting consolidation below this level would be seen and pullback to 113.00 and 112.50-60 is likely, however, reckon downside would be limited to 112.00 and renewed buying interest should emerge around previous support at 111.65 and bring another rise later.

EUR/JPY Elliott Wave Analysis





Although the single currency briefly broke above previous resistance at 134.41, lack of follow through buying and the subsequent retreat from 134.50 suggest consolidation below this level would be seen with mild downside bias for weakness to 132.45-50, then 132.00, however, a break of previous support at 131.66 is needed to signal top has been formed there, bring retracement of recent upmove to

USD/CHF Elliott Wave Analysis

The greenback has surged again after last week’s breach of previous resistance at 0.9837 (now support), adding credence to our bullish view that low has been formed at 0.9421 and upside bias remains for this rise from there to extend further gain to 0.9990-00 (61.8% Fibonacci retracement of 1.0344-0.9421), then towards 1.0050, however, near term overbought condition should prevent sharp move beyond

EUR/GBP Elliott Wave Analysis

Although the single currency retreated again from last week’s high of 0.9023 and further consolidation below indicated resistance at 0.9033 would be seen, as low has been formed at 0.8746 late last month, reckon downside would be limited to 0.8850-55 and bring another rebound later, above said resistance at 0.9033 would add credence to this view, bring a stronger rebound to

USD/CAD Elliott Wave Analysis

The greenback has surged after finding good support at 1.2450 last week, adding credence to our bullish view that low has been formed at 1.2061 and mild upside bias remains for this rise to bring retracement of recent decline, hence further gain to 1.2925-30 (50% Fibonacci retracement of 1.3794-1.2061), then towards psychological resistance at 1.3000, however, reckon upside would be limited to

EUR/CHF Elliott Wave Analysis

The single currency has continued moving higher after recent anticipated rise from 1.1388 and previous resistance at 1.1624 was finally breached, add credence to our view that recent upmove has resumed and bullishness remains for medium term uptrend to extend further gain to 1.1695-00 (61.8% projection of 1.0833-1.1538 measuring from 1.1259) and possibly towards

AUD/USD Elliott Wave Analysis

As aussie has retreated after faltering below resistance at 0.7897, adding credence to our view that the rebound from 0.7733 has possibly ended at 0.7897, hence bearishness remains for a retest of this level but break there is needed to confirm the decline from 0.8125 top has resumed for retracement of early upmove to previous resistance at 0.7712, break there would bring further fall towards

GBP/USD Elliott Wave Analysis

Although sterling found support at 1.3088 late last week and has recovered, suggesting consolidation would be seen, however, reckon upside would be limited to 1.3240-50 and bring another decline, a daily close below said support at 1.3088 would signal the rebound from 1.3027 low has ended and bring retest of this level. Looking ahead, a drop below this level would signal the fall from 1.3658 top has resumed for weakness to

GBP/CHF Elliott Wave Analysis

As sterling found renewed buying interest at 1.2829 late last week and has rebounded again, retaining our bullishness and consolidation with mild upside bias remains for the rebound from 1.2746 low to extend gain to 1.3050-60, however, reckon upside would be limited to 1.3105-10 and price should falter well below said resistance at 1.3197, bring retreat later.

EUR/USD Elliott Wave Analysis

Although the single currency rebounded to 1.1858 last week, as the pair has retreated after faltering below resistance at 1.1880, suggesting further consolidation would take place, however, still reckon support at 1.1730 (last week’s low) would limit downside and bring another rebound later. Above 1.1858 would bring test of 1.1880 resistance, a daily close above there would suggest the pullback from 1.2093 has ended

USD/JPY Elliott Wave Analysis

The greenback found renewed buying interest at 111.65 early last week and has rallied, adding credence to our bullishness that the rise from 107.32 is still in progress and upside bias remains for further gain to 114.00, then 114.30-35 (61.8% Fibonacci retracement of 118.66-107.32) but a daily close above this level is needed to suggest recent fall from 118.66 has ended at 107.32, bring headway to

EUR/JPY Elliott Wave Analysis





Although the single currency traded marginally low to 131.66 earlier this week, renewed buying interest emerged there and has rebounded, suggesting pullback from 134.41 has possibly ended there and consolidation with upside bias is seen for gain to 134.00 but break of said resistance is needed to confirm recent upmove has resumed and extend further gain to

USD/CHF Elliott Wave Analysis

The greenback met resistance at 0.9837 again and has retreated, retaining our view that further consolidation below this level would be seen and another test of support at 0.9705 (last week’s low) cannot be ruled out, below there would bring retracement of the rise from 0.9421 low to 0.9670, then 0.9642 support, however, reckon downside would be limited to 0.9565 support and bring another rise later.

EUR/GBP Elliott Wave Analysis

Although the single currency retreated after running into resistance at 0.9033, as low has been formed at 0.8746 late last month, reckon downside would be limited to 0.8850-55 and bring another rebound later, above said resistance at 0.9033 would add credence to this view, bring a stronger rebound to 0.9050-60 and possibly 0.9080, having said that, reckon upside would be limited to

USD/CAD Elliott Wave Analysis

Although the greenback continued trading with a relatively firm undertone after rebounding to 1.2599 earlier this month, a break of this level is needed to signal the corrective rise from 1.2061 low is still in progress for retracement of recent downtrend, then mild upside bias is seen for further gain towards resistance at 1.2663 but loss of near term upward momentum should limit upside to

EUR/CAD Elliott Wave Analysis

Although the single currency edged higher to 1.439 last week, the subsequent retreat suggests consolidation below this level would be seen and weakness to 1.4635 support cannot be ruled out, however, a daily close below there is needed to suggest the rebound from 1.4441 has ended there, bring further fall to 1.4550-55 and later towards support at 1.4488. Looking ahead, euro needs to penetrate this support to revive bearishness and

AUD/USD Elliott Wave Analysis






Although aussie rebounded after finding support at 0.7733, as the pair met resistance at 0.7897 late last week and has retreated, retaining our bearishness and consolidation with mild downside bias remains for weakness to 0.7770-75, break there would signal the rebound from 0.7733 has ended, then retest of this level would follow. Once this support is penetrated, this would add credence to our view that top has been formed at 0.8125 earlier and

GBP/USD Elliott Wave Analysis

Although sterling found good support at 1.3121 last week and staged another rebound, as 1.3338 capped cable’s upside and the pair has retreated since, retaining our bearishness, as long as this resistance holds, consolidation with mild downside bias remains for another retreat, a daily close below said support at 1.3121 would signal the rebound from 1.3027 low has ended and bring

GBP/JPY Elliott Wave Analysis

Sterling’s retreat from 152.85 (last month’s high) turned out to be much stronger than expected, suggesting a temporary top has possibly been formed there, hence consolidation with mild downside bias is seen and weakness to 147.40-50 cannot be ruled out, however, break of support at 146.95 is needed to add credence to this view, bring

EUR/USD Elliott Wave Analysis

Although the single fell to as low as 1.1669 earlier this month, as euro found good support there and has staged a strong rebound, suggesting the pullback from 1.2093 has possibly ended there, hence consolidation with upside bias is seen for further gain to 1.1900-10, then 1.1950-60, however, reckon upside would be limited to 1.2005 and bring further consolidation.

USD/JPY Elliott Wave Analysis

Dollar’s retreat after early brief rise to 113.44 has retained our view that consolidation below this level would be seen and initial downside bias remains for correction to previous support at 111.47, however, reckon downside would be limited and renewed buying interest should emerge around 111.10-15 and bring another rise later, above resistance at 112.83 would signal the retreat from 113.44 has ended and bring

EUR/JPY Elliott Wave Analysis





The single currency rebounded after holding above indicated support at 131.75, however, euro met resistance at 133.50 and has retreated again, suggesting further sideways consolidation would take place, however, as long as said support at 131.75 holds, bullishness remains for another rebound to 133.50, then towards 134.00 but break of recent high of 134.41 is needed to confirm upmove has resumed and extend further gain to

USD/CHF Elliott Wave Analysis

As the greenback has retreated after rising to 0.9837 late last week, suggesting consolidation below this level would be seen and pullback to 0.9700, then 0.9640-45 cannot be ruled out, however, as temporary low has been formed earlier at 0.9421, reckon downside would be limited to support at 0.9565 and bring another rebound later. Above 0.9800 would signal the pullback from 0.9837 has ended, bring