Daily Digest:
w/c 17 June 2024: The US data highlight this week is Retail Sales on Tuesday, with global Flash PMI data on Wednesday. Plus on the central bank side we get the RBA, PBoC, SNB and BoE all in play

Q1/Q2 Elliott Wave views for the Forex Majors – Exclusive interview with Jim Martens!


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.


Jim Martens is Elliott Wave International's Senior Currency Strategist and editor of the trader-focused Currency Pro Service. He got his start working with metals traders on the Commodity Exchange Cen... Continued

Comment on this video

Your email address will not be published.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

Latest Related News

US Dollar Stays Bullish!

US Dollar Index bull trend and bigger breakout intact (DXY forecast)  Euro stays bearish, through support, below resistance (EURUSD forecast)  Cable sees small bounce from above support, but still negative (GBPUSD forecast)  Yen stays weak (USDJPY forecast)  Continued

A dovish hike from the Bank of England weighs on GBP

The Bank of England has hiked once more, for the 14th meeting in a row. However, just as other major central banks (such as the Fed and the ECB) have done recently, there was more of a dovish tilt to the decision this time. A 25 basis points hike to 5.25% is leaving GBP traders feeling that the days of consistent outperformance may be set… Continued

Record weakness in JPY opens the door to currency intervention

Major currencies have seen fluctuating performance in recent months. USD performance has ebbed and flowed, with major currencies often reacting in line with swings in risk appetite. However, there is one currency that has failed to take part in these moves. That is the perennially underperforming Japanese yen. The record levels of weakness that the JPY has been reaching are leading to speculation that currency… Continued

Surprise rate hikes leave forex traders braced for a big week of central banks

With five major central banks giving monetary policy decisions in the first half of June, this is a period that could shape the outlook of forex markets for the weeks to come. There is a key theme that is emerging, with hawkish surprises coming from both the Reserve Bank of Australia and the Bank of Canada. These moves are leaving traders to question what might… Continued

Forex Forecasts 27/1/2023

AUDUSD we will stick with buying at support until it looks like we have a sell signal. Good support at 7065/60 (although we did not reach here yesterday). Longs need stops below 7045. Target is 7115/20 then 7160/65. A break below 7045 however risks a slide to to strong support at 7010/00. Longs need stops below 6985. NZDUSD trading in a range between my 2… Continued