ew-forecast.com's  Instablog

Send Message
We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
My company:
  • USD Index: Rally Is Looking Corrective, Bearish Waves Could Resume Soon 0 comments
    Sep 25, 2013 5:03 AM

    The markets are still very slow and choppy in tight ranges, so our view remains unchanged. We think that FX pairs are forming just a corrective price action within larger trend against the USD.

    On the USD index hourly chart below we see a three wave rally from 80.13 within two parallel trend lines which we think its a contra-trend move; a-b-c. Notice that in wave c we also have a wedge pattern which looks like an ending diagonal. Ending diagonals are reversal pattern, so if we are correct then USD Index should turn bearish. Decline is expected to accelerate after a break of lower support line and 80.48 swing low.

    USD Index 1h

    (click to enlarge)

    Based on USD Index bearish outlook the majors are expected to rally, particularly EUR, GBP, and CHF.

    On GBPUSD we see a potential low in place of a three wave decline from 1.6160 to 1.5952 where pair may have completed a wave c leg of a contra-trend movement. Based on the latest price action immediate rise to 1.6044 and ideally 1.6086 is expected while 1.5952 holds. 1.5950 level should represent a stop loss to any intra-day long set-ups.

    GBPUSD 30min

    (click to enlarge)

    Written by www.ew-forecast.com | Try EW-Forecast.com's Services Free For 7 Days at http://www.ew-forecast.com/service

Back To ew-forecast.com's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


  • Article about $OIL and $CAD with a lot of charts.. will OIL and CAD gain? >>>>>> https://goo.gl/ffjWjX
    2 days ago
  • EURAUD is turning up strongly... price now 200 pips away from our highlighted support area! >>> http://goo.gl/P9yyzz
    Sep 9, 2016
  • USDCHF: Before Brexit happened and today! Just listen the price action. https://t.co/M9drn1oKNw
    Jun 24, 2016
More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.