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CADJPY: ⬆️ Buy

• CADJPY broke the resistance zone
• Likely to rise to resistance level 106.00

CADJPY currency pair recently broke the resistance zone between the resistance level 104.00 and the resistance trendline of the Descending Triangle from February.

The breakout of this resistance zone continues the earlier sharp upward correction from the major long-term support level 102.00, which has been reversing the price from August.

CADJPY can be expected to rise to the next resistance level 106.00 (top of the previous minor correction 2 from March).

AUDJPY: ⬆️ Buy

• AUDJPY broke the resistance zone
• Likely to rise to resistance level 95.00

AUDJPY currency pair recently broke the resistance zone between the resistance level 92.00 (former strong support from the start of March and the resistance from the end of April) and the 61.8% Fibonacci correction of the downward impulse from the beginning of March.

The breakout of this resistance zone should strengthen the bullish pressure on AUDJPY.

AUDJPY currency pair can be expected to rise to the next resistance level 95.00, which is the target price for the completion of the active impulse wave c.

Gold: ⬇️ Sell

• Gold broke support zone
• Likely to fall to support level 3100.00

Gold recently broke the support zone between the support level 3270.00 (former low of wave a from the middle of April), upper trendline of the daily up channel from February and the 38.2% Fibonacci correction of the upward impulse from the beginning of April.

The breakout of this support zone should accelerate the active short-term ABC correction 4 from the middle of April.

Gold can be expected to fall to the next support level 3100.00, which is the target price for the completion of the active ABC correction 4.

Bitcoin: ⬆️ Buy

• Bitcoin broke key resistance level 95000.00
• Likely to rise to resistance level 99300.00

Bitcoin cryptocurrency recently broke the resistance zone between the key resistance level 95000.00 (which stopped the previous wave B at the end of April) and the 61.8% Fibonacci correction of the downward impulse from January.

The breakout of this resistance zone should strengthen the bullish pressure on Bitcoin.

Bitcoin can be expected to rise to the next resistance level 99300.00, which reversed the price multiple times in February.

Hello fellow traders. In this technical article we’re going to look at the Elliott Wave charts of EURUSD Forex pair published in members area of the website. As our members know, EUR/USD is undergoing a three-wave pullback against the March 26th low. Recently, we forecasted the decline in the pair following a three-wave bounce. In the following text, we’ll explain the Elliott Wave analysis and outline the target areas.

EURUSD Elliott Wave 1 Hour Chart 04.28.2025

The current view suggests that EUR/USD is correcting the cycle from the March 26th low. We count the ((x)) connector as completed at the 1.1444 high. While the price remains below that level, we expect to see another leg down to complete the wave 4 (red) correction.

EURUSD Elliott Wave 1 Hour Chart 05.01.2025

The price held the 1.1444 peak and then declined. Eventually, it broke the previous low ((w)) black, confirming that the next leg down is in progress. The next technical zone comes in the 1.12755–1.1236 area, which might give us a three-wave bounce before the pair reaches the main target at the 1.11727 area (buyers zone).

The ISM Manufacturing Index declined slightly in April, to 48.7 from 49.0 in March.

Eleven of 18 industries reported growth for the month, up from nine in February. In another sign of slowing momentum, 41% of manufacturing GDP contracted in April, comparable to the 46% in March.

Demand conditions continued to be weak. The new orders index improved marginally but remains in contractionary territory (47.2, 45.2 in March), and new export order growth declined sharply further into contraction (43.1 vs 49.6 in March). The backlog of orders also shrank at a faster pace than in March (43.7 vs 44.5) and imports slid into contractionary territory.

Like new export orders, the production index tumbled further into contraction, falling to 44.0 from 48.3. This marks the second month in a row where the production index and the backlog of orders have both been in contractionary territory. Employment contracted at a slower pace than in March, ticking up to 46.5.

Price gains held steady at a high level after having accelerated in April, coming in at 69.8, compared to 69.4 in March (and 62.4 in February). The prices index is again at its highest level since June 2022.

Key Implications

Respondents are indicating there is disruption to their operations from tariffs, both in the form of rising costs, delays in border crossings, and a lack of clarity on exactly what duties are owed. While last month it seemed that we were heading toward a significant inventory build to get ahead of tariffs, it seems that now tariffs are in place, the build in inventories has slowed, and is mirrored in lower production and lower demand.

We are only one short month into the current tariff environment, and it remains uncertain how long these tariffs will be in place. Notably, the 145 percent tariffs on China were cited as disruptive, paralyzing, and inflationary. But for all that has changed, this month's report was very similar to last month's. The big difference is that we are seeing weak demand and price pressures now accompanied by evidence of production declines – in other words, the manufacturing sector is experiencing stagflation.

Daily Pivots: (S1) 1.1298; (P) 1.1349; (R1) 1.1381; More...

Intraday bias in EUR/USD stays on the downside for the moment. Correction from 1.1572 is in progress for 100% projection of 1.1572 to 1.1306 from 1.1424 at 1.1158. But downside should be contained by 38.2% retracement of 1.0176 to 1.1572 at 1.1039 to complete the correction. On the upside, break of 1.1424 will bring retest of 1.1572 high first.

In the bigger picture, rise from 0.9534 long term bottom could be correcting the multi-decade downtrend or the start of a long term up trend. In either case, further rise should be seen to 100% projection of 0.9534 to 1.1274 from 1.0176 at 1.1916. This will now remain the favored case as long as 55 W EMA (now at 1.0792) holds.

Daily Pivots: (S1) 1.3288; (P) 1.3352; (R1) 1.3394; More...

Outlook is GBP/USD remains unchanged and intraday bias stays neutral. On the downside, firm break of 1.3232 support will indicate short term topping and rejection by 1.3433 key resistance. Intraday bias will be back on the downside for deeper pullback to 55 D EMA (now at 1.3001) and possibly below. On the upside, firm break of 1.3433 key resistance confirm larger up trend resumption.

In the bigger picture, price actions from 1.3433 are seen as a corrective pattern to the up trend from 1.3051 (2022 low). Rise from 1.2099 could either be resuming the up trend, or the second leg of a consolidation pattern. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on break of 1.3433 at a later stage.

Daily Pivots: (S1) 0.8228; (P) 0.8251; (R1) 0.8287; More….

No change in USD/CHF's outlook and intraday bias stays neutral. On the upside, above 0.8333 will resume the rebound from 0.8038 short term bottom. But upside should be limited by 38.2% retracement of 0.9200 to 0.8038 at 0.8482. On the downside, below 0.8196 minor support will bring retest of 0.8038. Firm break there will resume larger down trend.

In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress and met 61.8% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.8079 already. In any case, outlook will stay bearish as long as 55 W EMA (now at 0.8783) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.