Fri 05-04-2019
Hi everyone, hope you are all ok and ending the week well.
USDJPY
USDJPY completed Wave iv, and it has raised with impulsive waves for Wave v.
Although there is a chance that Wave v might be finished before the initial nearest resistance at 111.88, the target for Wave v is at the next resistance at the 112.00 area where it would complete Wave (i) and Wave (ii) correction should drop in 3 waves towards support levels.
If Wave (i) completes at the highest resistance at 112.00, then 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
Weekly
USDCAD
USDCAD correction of Wave (ii) 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.
At the moment it seems to have developed an internal 5 waves within Wave (iii) on the way up; so this could lead to a correction to the downside on the next session before it raises up again to continue the trend upwards.
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 is still going through Wave 2 correction in its internal Wave (b).
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 has moved upwards in 5 waves raising from the %62Fib level, suggesting the start of Wave (i) up.
(Although the alternative count still stands for an extended Wave C(red) towards the %76Fib retracement)
For this count to remain valid Wave ii correction should move in 3 waves down for a %50 or %62 Fib retracement of Wave i and then continue the raise for Wave iii to raise above the highest of Wave i (at 1.12384).
60Mins
4Hours
Daily
EURGBP
EURGBP Wave 2 is showing a ZigZag (5,3,5) correction possibly completed at the %62 Fibonacci retracement of Wave 1.
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 higher at the %76.
If the current count is correct, Wave 3 should take the price below the lowest 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 Wave iii is underway.
Next Wave iii seems to be going through its internal Wave (ii) correction and, once completed, should carry on with the impulsive waves downwards.
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 2(blue) of Wave iii possibly completed at %50 Fib retracement of Wave 1.
For this count to remain valid Wave iii should continue the remaining of its 5 waves up crossing the highest of Wave 1 (0.7126) and then 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).
60Mins
4Hours
Daily
Weekly
All the best for everyone.
Andres
Trading Waves .org
