Wed 27-02-2019
Hi everyone, hope you are all ok and the week is been treating you well.
USDJPY
USDJPY has now completed Wave b of Wave (ii) with three waves, suggesting a 3,3,5 Flat correction.
Now is time for Wave c and I would expect Wave c to complete Wave (ii) between the %50 and %62 Fib retracement area, although there is a possibility that it is completed around the %38 Fib area given the areas of support and the bottom of a small trend formed (cyan).
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USDCAD
USDCAD is now going through Wave 2 correction and has reached between the %62 and 0 Fib retracement and bounce up from there, so technically the current count remains valid.
Although there has not been impulsive moves from that low which suggest that there is still a possibility of the price to attempt to have another go at touching the lower long-term trend again and correct the current Waves 1 and 2 (blue) for an extended Wave ii.
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USDCHF
USDCHF is stack within Wave b of Wave [ii] but continuing the ZigZag correction (5,3,5) and should start Wave c to the downside soon.
From there, there are good levels of support for it to be completed around the %50 Fib Retracement of Wave [i], will start raising on impulsive waves for the start of Wave [iii].
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EURUSD
EURUSD has stalled just below the %50 Fib retracement on Wave C of Wave ii and pierced through the current trend line (cyan) but has finally bounced of and still looks possible to carry on raising to complete between the %62 and the %76 Fib as it will find there a parallel trend level and series of resistance levels that could start Wave iii down again.
(further moves up from this %76 Fib retracement would suggest a larger Wave (ii) and a break from the 0 Fib retracement would confirm such alternative count).
From Wave ii completion we should start seeing impulsive waves to the downside to start and follow Wave iii of Wave (iii) during the week.
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EURCHF
EURCHF has completed Wave iv and started Wave v on the way up.
Although it has stalled just below the highest of previous Wave iii and that could be the end of a failed Wave v, I would expect the prices to break that resistance tomorrow and complete Wave (i) above previous Wave (b) and distance more from the long term trend (green).
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EURGBP
EURGBP is still dropped below the lower long-term trendline with an extended Wave v which would have completed Wave (i) and then Wave (ii) correction should start making its way up towards Fib retracement and resistance levels.
The RSI and MACD indicators are pointing out a divergence which suggest an impulsive move up shortly, although it is hard to catch a falling knife so better wait for the moves up to confirm that.
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GBPUSD
GBPUSD could have completed Wave v today (and higher degree Waves (c)/[c]/2) to a lower trend formed, as per chart.
If prices start moving lower in an impulsive fashion, it would suggest that Wave i has started for a long way down in the respective higher degree waves.
If price moves higher than this trend, it would suggest the completion of this waves at the next parallel trend formed with the highest of Wave (a) above the 1.3500 price.
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AUDUSD
AUDUSD; the current move after extended Wave (ii) completion seem to start picking up now to the upside on Wave 3 of Wave i going towards the first level of resistance made by previous Wave [i] at 0.7237.
From this resistance level I would expect Wave iv to take place for a correction before Wave v takes price up again and crosses that resistance.
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All the best for everyone.
Andres
Trading Waves .org
