Mon 01-04-2019
Hi everyone, hope you are all ok and had an awesome weekend.
USDJPY
USDJPY has moved up steadily into Wave (iii) and it has now reached the 111.40 resistance level.
If it crosses this resistance level the next resistance target for Wave (iii) will be 111.68 as the highest of previous Wave ii created last month.
Once Wave (iii) is completed it should follow Wave (iv) correction back towards the 111.00 area; at which point the highest of Wave (i) should hold the price from dropping lower (110.69).
60Mins
4Hours
Daily
Weekly
USDCAD
USDCAD correction of Wave (ii) seemed to have completed at the %76 Fib levels which will be confirmed as completed as soon as the impulsive waves shows the start of Wave (iii).
Wave (iii) should developed in 5 waves and will be confirmed as soon as it crosses the highest of Wave (i) at 1.3450.
60Mins
4Hours
Daily
USDCHF
USDCHF broke out of the triangle to the upside and stopped at the first resistance at 0.9995.
If the price carries on upwards in the form of 5 waves it will indicate that Wave c of Wave (c) of Wave [ii] has been already completed and this is the start of the series of waves for Wave [iii].
If the price drops lower again towards the lower trend (blue), the current count would still be valid for an extended Wave c.
Regardless of the starting point for the raise, on the long term, the price is bound to raise impulsively for Wave [iii] .
60Mins
4Hours
Daily
EURUSD
EURUSD seems to have finished a extended Wave (v) at the 1.1202 level, although it could be extended to the next level of support at 1.1180.
If this is the final bottom for Wave (v) it will complete Wave 1 (blue) and Wave 2 should raise the price in three waves towards the yellow trend.
Once Wave 2 is completed Wave 3 (of Wave iii) should show impulsive waves to the downside again and a low-risk entry opportunity.
60Mins
4Hours
Daily
EURCHF
EURCHF has invalidated the previous count and I have modified the long term count for an extended Wave C(red) to towards the %76Fib retracement, as it is now crossing the %62Fib level.
Today it crossed the %62 Fib level and bounced back up but not impulsively, which suggest that it is still running through the Wave (c) correction and could still drop lower towards the %76Fib level at the lower trend line (blue).
The %76Fib level would bring the price back towards the blue long-term trend line (best shown on the Daily and 4Hour Charts) (1.0968 area).
60Mins
4Hours
Daily
EURGBP
EURGBP completed Wave ii correction between the %62 and the %76 Fib level.
And now created the turning point for Wave iii of Wave (iii) down.
The initial drop down is very impulsive and so far creating 3 waves which I have labelled as the internal waves of Wave 1(blue) of the larger Wave iii.
Next is a correction for Wave (iv) (of Wave 1(blue)) which I would expect to raise towards the nearest resistance level at 0.8574 area, and the lowest of Wave (i) at 0.8602 should not be crossed for this count to be valid.
After Wave (iv) is completed, Wave (v) should bring the price lower impulsively again to complete Wave 1.
60Mins
4Hours
Daily
Weekly
GBPUSD
GBPUSD has shown completion of Wave 4 (blue) correction (of Wave iii) as it hit resistance level at 1.3140 and dropped lower for the start of Wave 5 downwards.
Next, Wave 5 should carry the price across support levels where Wave (iii) should be completed.
60Mins
4Hours
Daily
AUDUSD
Daily & 4Hour Charts:
AUDUSD 4Hour Chart is showing the price raising from the neckline of a clear Head & Shoulders pattern which is suggesting Wave (iii) could be finally making its way up.
Still not out of the woods yet, so further moves lower than this neckline would trigger the alternative count for an extended Wave [ii] going towards the %76 levels of support, although it is still possible an extended Wave [v] or even a further extended Wave 5, with not much resistance levels to stop the move down (best seen in the 4Hour and Daily charts) .
Hourly Chart:
The 60Min chart shows to ha completed a large Wave 2 correction for Wave iii, which suggest that Wave 3 now should continue the impulsive moves higher towards the 0.7200 area if this count is to be valid.
It has moved further up but still needs to pass resistance levels around 0.7150.
Further moves lower than the lowest of Wave 2 would invalidate the current count and start giving indications that the alternate counts (best shown in the 4Hour and Daily Charts) could take place instead.
60Mins
4Hours
Daily
Weekly
All the best for everyone.
Andres
Trading Waves .org
