Here is an in-depth interview with Jim Martens, Elliott Wave International’s (EWI) Senior Currency Strategist and editor of the trader-focused Currency Pro Service.
In this interview, we will discuss the Major currency pairs, including EURUSD, the US Dollar Index (DXY), GBPUSD, USDCHF, USDJPY, AUDUSD and USDCAD.
Here is a link to a free report on trading FX with EWI. It’s normally $79 and not available on their site: https://www.elliottwave.com/Miley-EWIFX
Analysis summary
EURUSD – The daily chart shows the basic Elliott Wave pattern, an impulsive rally (counted 1 – 5). This count suggests a downturn is due.
The US Dollar Index Chart (DXY) – The daily chart shows an impulsive decline from March at or near an end.
GBPUSD – The Daily chart reveals an impulsive rally from March, which signals a reversal is due.
GBPUSD – The 4-hour chart reveals an ending diagonal pattern. It is a terminal pattern that bolsters the idea the rally at larger degree is mature.
GBPUSD – The other Daily chart shows a divergence between price and momentum. Even an EW purest will look for a momentum divergence during a fifth wave.
USDCHF – Not thrilled with the daily chart structure, though the potential wave iv triangle and subsequent thrust suggests the decline is near an end.
USDCHF – The 90-minute chart shows an impulsive rally at a lower degree of trend, that hints a turn is underway.
USDJPY – The daily chart reveals a corrective decline from March 2020 that contrasts with the impulsive Euro advance over the same time. Different counts but the same message.
USDJPY – The weekly chart shows the EW pattern at a larger degree of trend (EW is fractal in nature). A triangle suggested the decline from March would end above 101.25.
USDJPY – The 6-hour chart reveals an impulsive rally from 102.59, and a corrective setback. Together these bolster the idea USDJPY has bottomed.
AUDUSD – The daily chart shows a possible impulse rally at an end. We sometimes have an alternative count. In this case, the alternate counts the rise as a 3-wave movement. The outlook is the same.
USDCAD – The daily chart shows an impulsive decline nearing an end.
USDCAD – The weekly chart shows back-to-back 3-wave movements with a double top. It limits the EW patterns available to us and is helpful to our analysis.
