Tue 05-03-2019
Hi everyone, hope you are all ok.
USDJPY
USDJPY going now through Wave c of Wave ii correction towards support at the %50 Fib retracement levels (111.20).
Given the length of Wave a areas of support at the %50Fib, it is very likely that the drop will find there the end of the correction and prices should start moving up impulsively again on Wave iii of Wave (iii).
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USDCAD
USDCAD seemed to have completed Wave 4 with a small correction as prices keep moving up slowly towards the next big level of resistance made by previous Wave b at 1.3375.
If the price reverses at that level (1.3375) it would suggest Wave iv correction is underway towards previous levels of Support and the highest of Wave 1 (at 1.3235) should not be crossed for this count to be valid.
If the price moves further up from that level (1.3375) it would suggest the target at the next level of resistance at 1.3440.
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USDCHF
USDCHF; last Friday Wave [ii] seem to have completed with a very quick drop for Wave c between %38 and %50 Fib levels.
Since then it has raised impulsively but with a rather unorthodox 5 waves (royal blue) that, although it has started to loose momentum, it might aim for the next big level of resistance at 1.0060 (another 20 pips up).
When the price reverses for this first wave up to confirm completed, I would expect a Wave ii correction before prices carry on raising again on Wave iii.
(Wave ii correction has a range of levels of resistance between the %38 and %50 Fib levels).
60Mins
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EURUSD
EURUSD has continued the moves to the downside slowly and it is now through Wave 5 to complete the first Wave of Wave (iii).
I would expect prices to continue down towards the next levels of support between 1.1280 and 1.1260 area.
From there Wave 2 should do a correction back towards the Resistance made by previous Wave iv or the resistance made at 1.1352 area.
60Mins
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Daily
EURCHF
EURCHF seem to have completed Wave [ii] at %50Fib retracement level as it has made impulsive moves up today that suggest a start to Wave [i].
The internal wave structure is not very clear, although it seems to have just completed Wave 3 of Wave i.
I would expect Wave 4 to be a small correction and then prices raise again to complete Wave i at the next resistance levels at 1.1367.
60Mins
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EURGBP
EURGBP has completed a 5-Wave structure for Wave a of Wave (ii).
Then completed a 3-Wave structure for Wave b.
And it is now on Wave 2 of Wave c for Wave (ii) ZigZag correction (5,3,5).
With the target at the %50 Fib retracement of Wave (i) (0.8684 price area).
Prices should start dropping impulsively again from there.
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Daily
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GBPUSD
GBPUSD is not far from completing Wave i (of Wave (i)). And it could complete this first wave at the level of support created by the highest of the previous Wave iv (at 1.3069).
Further moves down from this resistance would suggest the next level of resistance, which is the lowest of previous Wave iv (at 1.2966).
From there I would expect Wave ii to play the correction before prices carry on dropping again.
60Mins
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Daily
AUDUSD
AUDUSD; Once again at this support level 0.7068 which can decide whether prices can pick up for a potenmtial Wave iii or move down for a Wave [ii] continuation to the downside, triggering the bearish alternative count.
Further moves lower than 0.7069 would trigger the alternative count for an extended Wave [ii] towards the %50 or %60 levels of support with not much resistance levels to stop the move down (best seen in the daily chart) .
Note that further moves to the downside could also trigger a continuation of Wave 5 (red), as can be seen in the Weekly Chart
60Mins
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All the best for everyone.
Andres
Trading Waves .org
