Elliott wave Analysis: USDSGD and EURUSD Update

Intermediate

USDSGD made a big, bullish recovery at the end of 2017, and in 2018. We can see that price found a top for this five-wave rally near the 1.3900 region, from where a new impulsive (five-wave) structure has followed. We labelled it as wave A, which can now be followed by a temporary pullback as wave B. Once wave B fully develops, that is when final wave C may follow, and take price towards the 1.343/1.332 region, where Fibonacci ratios of 50.0 and 61.8 can react as support, and push prices higher. A new impulsive rally, in five waves, and above the 1.377 level would confirm a completed correction, and more upside.

USDSGD, Daily

daily usdsgd

Looking at EURUSD chart, we can clearly see a three-wave decline only, but only a strong rise back above 1.1355 would confirm a bullish turn. Be aware of a minimum three-wave rally in upcoming sessions.

EURUSD, 1h

intra-day eurusd

Comments on this analysis

Your email address will not be published.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


Latest News

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

usdjpy chart
Global markets poised into Fed Meeting Minutes; USDJPY in focus

Global financial markets remain nervous and volatile due to trade war tensions and concerns regarding the global economic slowdown and recessionary fears for the US economy. Today’s FOMC Minutes from the last meeting could provide directional tone across asset classes in the short-term. Here we focus on the risk barometer from the Forex markets, the … Continued


Forex Brokers in your location