Thu, Jan 28, 2021 @ 08:16 GMT
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Elliott Wave Weekly

EUR/GBP Elliott Wave Analysis

Although the single currency fell marginally to 0.8746, as euro found good support there and has staged a strong rebound, suggesting at least the first leg of decline from 0.9307 has ended at 0.8746, hence upside bias is seen for this rebound from 0.8746 to bring retracement of the fall from 0.9307, then further gain to 0.9045-50 and possibly 0.9080 would be seen, however, reckon upside would be limited to

USD/CAD Elliott Wave Analysis

Although the greenback edged higher to 1.2599 late last week, the subsequent retreat suggests consolidation below this level would be seen initially and pullback to 1.2445-50 is likely, however, reckon support at 1.2336 would hold and bring rebound later. Above said resistance at 1.2599 would signal the rise from 1.2061 low is still in progress for retracement of recent downtrend towards

EUR/CHF Elliott Wave Analysis

Despite falling to 1.1388, the single currency found renewed buying interest at 1.1388 and has rebounded (we recommended to buy at 1.1455 and a long position was entered), our indicated upside target at 1.1655 was met (with 200 points profit) and consolidation with mild upside bias remains for gain to 1.1550 and then 1.1600 but only break of resistance at 1.1624 would signal recent upmove has resumed and extend gain to

AUD/USD Elliott Wave Analysis






Aussie has dropped again after brief recovery to 0.7875 last week, adding credence to our view that top has been formed at 0.8125 earlier and our bearishness remains for this fall from there to bring retracement of recent rise, below support at 0.7733 would extend weakness to

GBP/USD Elliott Wave Analysis

Sterling’s much stronger-than-expected retreat signals a temporary top has been formed at 1.3658 last month, and although current recovery from 1.3027 may bring further gain to 1.3240-50, reckon upside would be limited to 1.3295-00 and bring another decline later. Below 1.3027 would extend the fall from 1.3658 top to 1.3000, then towards 1.2950 but support at 1.2909 should limit downside and

GBP/CHF Elliott Wave Analysis

As sterling found support at 1.2746 and has rebounded, retaining our bullishness and as long as said support holds, mild upside bias remains for test of resistance at 1.2980-85, break there would suggest the retreat from 1.3195 (last month’s high) has ended, bring further gain to 1.3050-60 but 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 traded lower again last week, the subsequent bounce from Friday’s low of 1.1669 suggests consolidation above this level would be seen and test of 1.1788 cannot be ruled out, however, break there is needed to suggest low is possibly formed, bring further gain to 1.1833 but only break there would signal the fall from 1.2093 top has ended, bring a stronger rebound to

USD/JPY Elliott Wave Analysis

Although the greenback edged higher to 113.44 on Friday, lack of follow through buying and the subsequent retreat suggest consolidation below this level would be seen and initial downside risk is for correction to 112.00, however, reckon downside would be limited to 111.40-50 and renewed buying interest should emerge around 111.10-15 and bring another rise later

EUR/JPY Elliott Wave Analysis





As the single currency found support at 131.75 and has rebounded, retaining our bullishness and consolidation with mild upside bias remains for another rebound to 133.40-50, then towards 134.00 but break of last week’s high of 134.41 is needed to confirm recent upmove has resumed and extend further gain to 135.00 but loss of upward momentum should prevent sharp move beyond

USD/CHF Elliott Wave Analysis

The greenback has edged higher again after brief pullback, retaining our view that low has possibly been formed at 0.9421 earlier this month, hence consolidation with upside bias remains for test of indicated resistance at 0.9770-74, however, a daily close above there is needed to add credence to this view and bring retracement of early decline to resistance at 0.9808, then test of previous support at 0.9859

EUR/GBP Elliott Wave Analysis

As the single currency has remained under pressure after breaking support at 0.8774, suggesting the decline from 0.9307 top is still in progress and mild downside bias remains for this move to bring correction of recent upmove to 0.8690-95 (61.8% Fibonacci retracement of 0.8312-0.9307), however, loss of near term downward momentum should prevent sharp fall below

USD/CAD Elliott Wave Analysis

Although the greenback retreated late last week to 1.2254, renewed buying interest did emerge there and has rebounded (we recommended in our previous update to buy at 1.2260 and a long position was entered), retaining our near term bullishness for the rebound from 1.2061 temporary low to bring retracement of recent decline (indicated upside target at 1.2460 had been met

EUR/CAD Elliott Wave Analysis

Although the single currency rebounded earlier this month after finding support at 1.4441, as indicated resistance at 1.4765 capped euro’s upside and the pair has retreated again, retaining our bearishness and consolidation with downside bias remains for another fall towards said support at 1.4441, break there would confirm recent decline from 1.5259 has resumed and extend weakness to 1.4400 and possibly towards

AUD/USD Elliott Wave Analysis

Although aussie staged a strong rebound last week to 0.8103 (we recommended to sell at 0.8070 and a short position was entered), renewed selling interest did emerge there and the pair has slipped again in line with our bearish expectation, retaining our view that top has been formed at 0.8125 earlier and our indicated downside target at 0.7870 was met (with 200 points profit) as price fell to as low as 0.7836 today

GBP/USD Elliott Wave Analysis

Although sterling resumed recent upmove and rose to as high as 1.3658 last week, lack of follow through buying and the subsequent retreat suggest consolidation below this level would be seen and pullback to 1.3400 cannot be ruled out, however, reckon 1.3350-55 would limit downside and bring another rise later, above 1.3595-00 would signal the retreat from 1.3658 has ended

GBP/JPY Elliott Wave Analysis

The British pound rallied and finally broke above previous chart resistance at 148.45, confirming our bullish view that the erratic rise from 120.50 low (wave v trough) has resumed and may extend further subsequent gain to 153.50-60, then 154.00-10, however, loss of near term upward momentum should prevent sharp move beyond

EUR/USD Elliott Wave Analysis

Although the single currency found support at 1.1838 earlier and rebounded last week to 1.2034, as renewed selling interest emerged there and euro has retreated again, suggesting recent upmove is not ready to resume yet and further consolidation below recent high at 1.2093 would take place and another corrective fall to said support at 1.1838 cannot be ruled out

USD/JPY Elliott Wave Analysis

The greenback surged again after brief pullback to 111.11, adding credence to our view that low has indeed been formed at 107.32 earlier this month and consolidation with upside bias remains for this move from 107.32 to bring at least a retracement of recent entire fall from 118.66 (indicated upside target at 111.65 - 38.2% Fibonacci retracement of 118.66-107.32 and 112.20-25 had been met last week) and bullishness remains for

EUR/JPY Elliott Wave Analysis





The single currency opened higher again this week and we were unable to enter long at recommended entry at 132.00 as euro rallied from 132.38 (this week’s low), adding credence to our bullish view that the major rise from 109.49 low (2016 low) is still in progress, indicated upside targets at 133.50-60 and 134.00-10 had been met, upside bias remains for further gain to

USD/CHF Elliott Wave Analysis

The greenback only retreated to 0.9565 (we recommended in our previous update to buy at 0.9550 and missed the entry) before staging the anticipated rally, this move adds credence to our view that low has been formed at 0.9421, hence consolidation with upside bias remains for test of previous resistance at 0.9774, a sustained breach above this level would confirm and

EUR/GBP Elliott Wave Analysis

Last week’s late selloff suggests the reversal from 0.9307 top is still in progress, hence downside bias is seen for this move to extend weakness towards previous support at 0.8743, a daily close below there would add credence to our view that recent upmove has indeed ended at 0.9307, bring further decline to 0.8700, then towards

USD/CAD Elliott Wave Analysis

As the greenback found good support at 1.2197 yesterday and has rebounded again, suggesting a temporary low has possibly been formed at 1.2061 earlier this month and consolidation with mild upside bias is seen for the rebound from there to bring retracement of recent decline to 1.2400-10, then towards

EUR/CHF Elliott Wave Analysis

The single currency only retreated to 1.1345 (we recommended in our previous update to buy at 1.1330 and just missed our long entry) before finding renewed buying interest, the subsequent anticipated rally together with the breach of previous resistance at 1.1538 (wave iii top) add credence to our bullish view that medium term upmove has resumed and upside bias remains for further gain in wave v to

AUD/USD Elliott Wave Analysis





Although aussie extended recent rise to as high as 0.8125, the subsequent retreat suggests consolidation would be seen and weakness to 0.7900 and possibly support at 0.7867-71 cannot be ruled out, however, break there is needed to signal a temporary top is formed, bring retracement of recent upmove to

GBP/USD Elliott Wave Analysis

Sterling did rallied again after brief pullback to 1.3153 (we recommended in our previous update to buy at 1.3165 and a long position was entered), the subsequently surged to as high as 1.3619 (our upside target at 1.3365 was met basically on the same day with 200 points), this anticipated move adds credence to our bullish view that the medium term erratic rise from 1.1986 low has resumed and

GBP/CHF Elliott Wave Analysis

Sterling found decent demand at 1.2343 earlier this month and has rallied very strongly, price even penetrated previous resistance at 1.3069, signaling early erratic rise from 1.1475 has resumed and upside bias is seen for this move to extend further gain to 1.3100, then previous resistance at 1.3208 but near term overbought condition should prevent sharp move beyond

EUR/USD Elliott Wave Analysis

Although the single currency resumed recent rise and rose to a marginal high of 1.2093, lack of follow through buying on break of previous resistance at 1.2070 and the subsequent retreat suggest consolidation below said resistance would be seen and another test of 1.1838 support cannot be ruled out, however, a daily close below there is needed to signal a temporary top has possibly been formed

USD/JPY Elliott Wave Analysis

As the greenback has staged a strong rebound after finding good support at 107.32 earlier this month, suggesting low has indeed been formed there and consolidation with upside bias is seen for at least a retracement of recent entire fall from 118.66, hence further gain to 111.65 (38.2% Fibonacci retracement of 118.66-107.32), then 112.20-25 would be seen, however,

EUR/JPY Elliott Wave Analysis





The single currency opened higher this week and has resumed recent upmove as euro broke above indicated resistance at 131.71, suggesting the major rise from 109.49 low (2016 low) is still in progress and may extend further gain to 133.50-60 and 134.00-10 but overbought condition should prevent sharp move beyond

USD/CHF Elliott Wave Analysis

Although the greenback fell briefly below previous support at 0.9438, lack of follow through selling and the subsequent strong rebound from 0.9421 suggest a temporary low is possibly formed there and consolidation with mid upside bias is seen for gain towards resistance at 0.9773, however, a daily close above this level is needed to add credence to this view, bring retracement of recent decline to