AUD/USD Technical Forecast: Searching for a Bottom...

The structure of the technical pattern for AUD/USD suggests the move towards higher levels is incomplete and may eventually reach .82 and possible .84. Do you struggle with your trading? This could be why. The Elliott Wave model we are following suggests the upward correction that began in September 2015 remains incomplete. According to Elliott Wave Theory, we are counting this pattern as a complex upward correction subdivided as w-x-y and built with Expanded Flat-Triangle-Zigzag. AUD/USD Elliott Wave Forecast Nov 14, 2017 Zooming in on an intraday chart for the zigzag, we are just about halfway through the pattern. Therefore, once wave (b) of the zigzag completes, AUD/USD would resume to higher prices in a five wave motive wave. Wave (b) of the zigzag pattern is an expanded flat pattern. Traders can keep an eye on .7508-.7568 as a potential turning point for AUD/USD. This price zone contains a couple different wave relationships. Additionally, a trend line passes through near .7600 so we are anticipating that softness in AUD/USDArticle source:...

GBP/USD Hanging Over the Edge of a Cliff

In our last report from September (I’m sorry it has been soooo long), we noted that even though Bank of England is on a path to hike rates, the technical picture for GBP/USD was not as rosy. At that time, we suggested that Cable was in a terminal wave at three different degrees of trend and that a bearish reversal may be looming overhead. It turns out the high for major wave (4) was registered the day before the previous report and we are recording the major wave as a complex W-X-Y (zigzag-triangle-zigzag) correction higher. As a result of major wave (4) being set, GBP/USD has begun to sell off in major wave (5). As previously noted, major wave (5) has a high probability chance of retesting 1.19 while holding below the September high of 1.3658. See our GBP quarterly forecast anticipating a correction down to 1.19. GBP/USD Elliott Wave Count Nov 14, 2017 From a technical perspective, Cable is hanging on to the edge of a cliff (the blue trend line) noted above and we believe this trend line will eventuallyArticle source:...

USD/CAD Dives 200 Pips in November, Will it Continue?...

Previously, we wrote how USD/CAD appeared to be in a corrective phase higher within the context of a larger down trend. We estimated 1.27-1.31 as a potential pivot zone for the up move. On October 31, USD/CAD reached a high of 1.2915 after completing a bullish zigzag pattern. As a result, USD/CAD has subsequently sold off over 200 pips. The Elliott Wave models we are following suggests additional rallies may be temporary and that the market is anticipated to be overly weak. Why do a majority of traders lose? Find out in our traits of successful traders research. USD/CAD Elliott Wave Count November 10 Currently, prices are resting on top of a support trend line. Though we may see a technical bounce higher, shorter-term traders may consider 1.2820 as the key level of resistance for an immediate bearish outlook. The higher probability move at this point suggests USD/CAD may sell-off towards 1.2500 so long as prices are below 1.2820. Even lower prices are possible, but we will need to see the structure of the sell-off, if it occurs, to weigh the probabilitiesArticle source:...

Crude Oil Prices Reach Highest Level Since July 2015...

Crude oil prices have finally broken above its two year price range to reach its highest level since July 2015. The sideways consolidation in crude oil charts best as a sideways triangle consolidation. The Elliott Wave model we have been following has anticipated the bullish triangle and that crude oil may see further strength. The model notes the triangle terminated on August 31, 2017 and that the triangle was an ‘X’ wave of a W-X-Y wave. Therefore, the break higher suggests we are in the ‘Y’ wave. The ‘Y’ wave can take a couple different forms. The most likely form would be a zigzag. There are a few guidelines to the formation of a zigzag. At today’s high, one possibility is that crude oil satisfied minimum requirements for this zigzag. If that pattern holds, then crude oil may be on the front edges of a long decline back towards the 2016 lows. We are not certain of those odds. The momentum has been strong to the upside so we need to be mindful that crude oil prices may continue to work higher. The next wave relationship comes in near $61 per barrel. If price does continue higher,Article source:...

Short Term EUR/USD Pattern Hints at Bounce to 1.17...

EUR/USD has slowly been working itself lower. The technical pattern has become unclear so we look for clues that may tip us off to the next move. On an intraday basis, we can identify an impulse wave lower. Impulse waves can make up larger impulse waves or they can be embedded in the sub-structure of a corrective wave. Regardless of the larger pattern EUR/USD is building, we can count the five wave impulse as completed. The Relative Strength Index divergence on the 4 hour chart is consistent with a fifth wave. Therefore, the higher probability move is a bounce back to 1.17. Struggling to trade EUR/USD? This could be why. EUR/USD Elliott Wave 4 Hour Chart At 1.17, the Elliott Wave models diverge with some showing the move as being the start to a new trend higher that retests 1.20. Other Elliott Wave models suggest the move to 1.17 is just a partial retracement of the previous down trend. We will keep an eye on the structure of the advance, if it occurs, to see if it forms in five waves (bullish) or three wavesArticle source:...

Gold Price Forecast Points Towards Lower Levels...

Gold prices are consolidating since our previous report though the outlook remains the same. The gold price forecast is for gold to work lower and possibly retest $1200. It appears gold prices are stuck in an Elliott Wave triangle pattern. We think gold prices are working lower in the ((D)) wave of the triangle. Potential stopping points for the ((D)) wave is near $1217 or $1162. Therefore, the opportunity remains to the downside so long as gold prices remain below $1357. Since it appears we are in the ((D)) wave of the triangle, we are expecting this wave to take the shape of a zigzag pattern. We are almost halfway through the zigzag pattern. We illustrated two potential options on the intraday chart in our previous report “Gold prices may see $1200 in the coming weeks”. Both options are still possible so zoom out and keep an eye on key levels. For example, any strength up towards $1306 may be temporary. A break down below the October 6 low of $1260 may hint that the ‘c’ wave of the zigzag is alreadyArticle source:...