Elliott wave Analysis: CADJPY and EURUSD Intra-day Movement

Intermediate

Hi traders,

CADJPY can be unfolding five waves up, but we still see an unfinished, big five-wave rally, so seems like pair just slowed down into wave 4, where ideal support would be here around 38,2% Fibo. retracement and 83.15 level. If it continues higher back above 83.65 region, then price can go towards 84.50 – 84.80 area for wave 5.

 Invalidation level is 82.70.

CADJPY, 1h

cadjpy

EURUSD is recovering nicely, ideally unfolding leg c as part of a higher degree wave iv) correction, with possible resistance and a turning point at the Fibonacci ratio of 38.2/50.0 (1.1260/1.1290 region). At the mentioned zone we have the upper corrective channel line, and the former swing high which can also react as resistance, and push price into a new drop, below the 1.120 level into wave v) of c.

EURUSD, 1h

eurusd

Comments on this analysis

Your email address will not be published. Required fields are marked *


Latest News

GBPUSD Chart 2019-08-22
GBP catches a solid bid – breaks above Median Andrew Pitchfork line

Sterling jumped on Thursday after Germany’s Angela Merkel says Brexit backstop solution is possible by October 31st. In response GBP/USD pushed to its highest since late July, breaking above the median line of a bearish Andrews Pitchfork. Close above 1.2249/50 could allow GBP to continue higher, targeting the following key upside levels:  c.1.2335 – Upper … Continued

4 hour DAX
Stock indices poised for more positive signals

A firm recovery tone has been seen across global stock markets since the end of last week, that continued into Wednesday’s release of the FOMC Meeting Minutes, from when the Fed cut rates in late July. This positive price action has been a reflection of a lack of escalation on the trade war and if … Continued

Monthly ESTX 50
DJ EuroStoxx 50 (Eu50) Futures – 20190822

Recap EuroStoxx we wrote: First resistance at 3358/62 but above here allows a retest of 3375/80. A break higher today meets a selling opportunity at 3390/3400, with stops above 3410. We hit the selling opportunity & topped exactly here but no sell off yet to offer a profit on shorts. Daily Forecast – 22 August … Continued

Crude oil daily 2019-08-21
Crude OIL – Triangle Pattern on Energy Points Lower!

Hello fellow traders, A bigger triangle as part of a three-wave A-B-C reversal can be unfolding on crude oil in wave B. Now we are tracking final stages of a triangle, so be aware of a drop once final leg E of a triangle fully shows up. A drop below the lower triangle line would … Continued


Forex Brokers in your location