Thu 04-04-2019
Hi everyone, hope you are all ok.
USDJPY
USDJPY completed Wave iv, and it has now started to show impulsive waves for Wave v.
The target for Wave v is around the 112.00 area where it would complete Wave (i) and Wave (ii) should start developing to the downside.
If Wave (i) completes at the highest resistance at 112.00, Wave (ii) first areas of Support would be the same heights as the current Wave iv for a %38Fib retracement and %50 for previous Wave (a) lowest point.
60Mins
4Hours
Daily
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USDCAD
USDCAD correction of Wave (ii) extended further and completed at the %76 Fib levels.
Since then it has moved up but has not showed the impulsiveness that I was expecting for a internal Wave (iii) of Wave 3(blue).
Wave (iii) will only be confirmed when it crosses the highest of Wave (i) at 1.3450 and carries the price higher.
60Mins
4Hours
Daily
USDCHF
USDCHF broke out of the triangle to the upside and stopped at the first resistance at 0.9995.
Since then, it has moved sideways and moved down slightly but overall has shown hardly any price action.
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 has extended Wave (v) to the 1.1180 area and finally completed Wave 1(blue).
Today Wave 2 raised the price in its internal Wave (a) and dropped for Wave (b) towards Support at 1.1202 area.
Once Wave (b) completes, Wave (c) should carry the price towards the yellow trend (%50Fib retracement of Wave 1) to complete Wave 2(blue).
Once Wave 2 is completed Wave 3 (of Wave iii) should show impulsive waves to the downside again and provide a low-risk entry opportunity in its initial internal confirmation waves.
60Mins
4Hours
Daily
EURCHF
EURCHF is still undergoing correction through an extended Wave C(red) to towards the %76Fib retracement, as it has been moving sideways through the %62Fib level.
This moves gives more weight to the suggestion 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 1 down and then Wave 2 correction at the %62 Fibonacci retracement of Wave 1.
It has not shown impulsive waves to the downside yet so Wave 2 could continue towards the %76Fib retracement at the trend line (light-blue).
Note if the price crosses higher than the 0Fib retracement it would trigger the alternative count of a Wave(ii) going towards the %62Fib level again or perhaps the %76.
If the price moves lower and Wave 2 is completed Wave 3 would only be confirmed once it crosses the lowest peak of Wave 1 at 0.8500.
60Mins
4Hours
Daily
Weekly
GBPUSD
GBPUSD Wave ii reached the %50Fib retracement of Wave i and dropped sharply.
This sharp drop suggest that Wave ii could have been completed and an initial Wave 1 of Wave iii is underway.
If this count is correct, next would be Wave 2 correction towards resistance and %61Fib retracement of Wave 1 at 1.3140.
If Wave 2 completes at this point the price should break the small trend (red) and start falling rapidly to make its way for the remaining of Wave iii down.
Although, if the price raises further would suggest that Wave ii is still in play.
And further than Wave i 0Fib retracement will indicate that a larger Wave 2(red) is still in play.
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:
As it stands the current count shows a Wave ii possibly completed at nearly %76 Fib retracement of Wave i.
For this count to remain valid Wave iii should develop 5 waves up crossing the highest of Wave i at 0.7167.
Further moves lower than the 0 retracement of Wave i would invalidate the current count and go in favour of the alternate counts (best shown in the 4Hour and Daily Charts).
But so far, it has completed what appears to be Wave 1(blue) of Wave iii and a corrective Wave 2 should now follow before Wave 3 takes the price higher again.
60Mins
4Hours
Daily
Weekly
All the best for everyone.
Andres
Trading Waves .org
