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


Latest News

usdjpy
Yen stays strong in risk off scenario

Last Friday’s very weak German Manufacturing Purchasing Managers’ Index data was another blow to the global economic backdrop, with concerns throughout this year of a global slowdown in China, through Asia Pacific and increasingly also in Europe. This has seen riskier asset classes come under negative forces over the past week into latter March, with … Continued

Euro vulnerability

A Euro plunge in the latter part of last week, on Friday driven by very weak German Purchasing Managers’ Index data. Furthermore, the US Dollar has seen broader strength again on Thursday-Friday against many major currencies, after US$ weakness was seen immediately after a far more dovish Federal reserve at their meeting on Wednesday. This … Continued

EURUSD Still stumbles at the 200-day MA

The Euro was the weakest currency on Friday The EURUSD cannot break above to 200-Day Moving Average There may a small bounce on Monday morning As European slides into recession EURUSD will fall to 1.1000 The 200-day moving average (200 DMA) has continued to prove a stubborn barrier to the upward path of EURUSD. This … Continued

Current Market Analysis
Euro breaks down, GBPCAD threatens upside

US Dollar Index holds support and rebounds EURUSD seeds multiple negative signals, downside risks GBPUSD sends buy signal GBPCAD sets up more bullish AUDUSD negative and USDCAD buy signal USDTRY and USDBRL surge

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