EUR/USD - We should soon see a break above the 1.2590 higher for a move towards 1.2693 and likely even into the 1.2635 - 1.2673 area for the final top of the red wave 4 correction that began at 1.2040. Once we have red wave 4 in place we should see red wave 5 take over for a move below 1.2040. I will calculate the targets for red wave 5 once we have the red wave 4 high in place.
USD/JPY - As long as important support at 78.15 holds I will keep the bullish count. Short term a break above 78.70 and more importantly 78.84 is needed to ease the downside pressure, but a break above 79.42 is needed to confirm, that the decline from 79.66 only was a correction.
A break below 78.15 by just one tick will invalidate the bullish count and call for a deeper decline.
GBP/USD - We have most likely seen wave i down from the 1.5912 high and should expect a wave ii correction higher towards 1.5866 before red wave iii down takes over for a decline towards at least 1.5581.
EUR/JPY - Red wave 5 towards 99.59 and possibly even 100.60 has begun. Short term we should soon see a break above 78.82 for a continuation higher towards 99.18 and 99.59.
EUR/NZD - The lack of corrective power has forced my back to my original much more bullish count of a series of wave one's and two's, which means that we should see a much higher rally in the coming days towards 1.5942 and likely even 1.6090 as a series of waves three's and four's unfolds.
Gold - Ideally we will see a break below 1,656.55, which will confirm that wave C ended at 1,676.79 and a new decline towards strong support near 1,521 is unfolding.
Crude Oil - Most likely have seen its peak for wave 2 at 98.30 and we should soon see a break below 94.43 to confirm the top for the next powerful decline to below 77.29.
Thanks for the update it was you who really ride me eur/nzd trade . But after seeing your gbp/yen chart i am sideways but one question is still in mind that if gbp/usd looking for a decline then how gbp/yen can go higher Only one reason in mind whether usd/yen spikes up and break it silence or through japanese bank intervention in the currency market and I am looking for a floor for usd/yen at 85.00 in the coming future
ReplyDeleteThanks Thanks a lot for updates
REgards Shikha
Hi Shikha Arora,
ReplyDeleteWhen I look at one currency pair say GBP/JPY I never look at USD/JPY and GBP/USD trying to outguess what those two pairs are going to do. More often than not you will just get your-self
confused. You don't need USD/JPY to spike up, it could just be a matter of JPY weakening faster than GBP, which can be difficult to detect, unless of cause you constantly calculate which pair is weakening the most.
All that said and if I am to guess, I would guess as you do, that USD/JPY will rise faster than GBP/USD will fall.
My Pleasure
Kind regards
EWS