Elliott Wave Analysis and Forecast (Daily Update) Forex Pairs, Gold, Oil, S&P, USD

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S&P 500 Remains Bullish After A Corrective Retracement To 1537

S&P500 cash market gapped lower in this week, exactly after prices tested 1560-1570 resistance area for wave (iii) as highlighted several times to our members last week

 

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EURUSD Could Find a Low When S&P Completes a Downward Correction

Markets are back in the range and trading sideways now after a reversal lower yesterday on US stocks. The S&P500 cash market moved close to 1538 support which of-course also pulled down the others as well, such as DAX and even NIKKEI futures. Meanwhile, we still have unresolved situation on EURUSD, where both counts from yesterday are still valid. 1.2880 remains key level for a push down to 1.2810. But as already noted few times this week; we think that sooner or later EUR will recover.

EURUSD

The S&P futures moved down to 1534 which now could be trading in wave C of an incomplete corrective retracement from 1558 high. If we get a bounce from 1526 support on S&P then EURUSD should find the bid as well because the correlation is tight on the intra-day basis, as shown on the overlay chart below.

S&P Futures count

S&P vs EURUSD

Generally speaking, we think that risk-on will resume, but probably next week once S&P bottoms, when also some new opportunities for USD shorts could occur.

 

[mohsin01]

In our case that’s comes in at 1.5650. Bottom line: watch for a corrective bounce in 100-200 pips before new leg lower. Pound is already recovering about we warned you yesterday when we highlighted a five wave fall in wave .

 

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EURUSD Could Fall Much Lower In 2013

Sharp and extended fall through 2012 support line with a monthly price close beneath it suggest that EUR will extend much deeper in 2013.

 

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Reversal Patterns on EURUSD - New Weakness to Come?

Pattern is bearish on the EURUSD which could fall beneath 1.2750 in this week. Resistance is at 1.2870-1.2940.
EURUSD 1h

 

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EURUSD Could Hit 1.2700-Elliott Wave

EURUSD remains in bearish mode after only three wave rally from 1.2750 low that was just another temporary pause within ongoing bearish sequence.
EURUSD 4h:

What is edning diagonal?
An ending diagonal is a special type of pattern that occurs at times when the preceding move has gone too far too fast, as Elliott put it
Ending diagonal in a bull market:

 

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USDJPY: Broken Channel Puts Pair Back In Bullish Mode

USDJPY broke sharply higher which was expected from a technical point of view. Price accelerated strongly after break out of the corrective channel (circled zone).

 

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GBPUSD Could Hit 1.5350-1.5400 While 1.5000 Is In Place

GBPUSD found a support yesterday 30 pips above 1.5000 psychological level from where intra-day bulls lift the pair in impulsive manner back above 1.5200 level.

 

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Cable Is Breaking Higher, Now Targeting 50% Retracement Level From January Highs

GBPUSD closed strongly higher last week after recently broken trend-line connected from above 1.6300 which suggests that recovery from 1.4830 could be deeper than firstly thought.

 

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USDCHF corrective retracement

Observing new and much more complex wave structure on USDCHF

 

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OIL May Have Found A Temporary Top Around $96.60

Oil fell sharply lower last week, clearly in five waves from 97.60 which means that the trend has now turned bearish

 

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AUDUSD Turns Back In Bullish Mode As Price Exceeds 1.0500

AUDUSD moved through 1.0500 swings which mean that wave II pull-back is complete and that larger uptrend is back in progress again.

 

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EURUSD Could Make Reversal Down to 1.2900/50 From 1.3100 Resistance

EURUSD extended another 200 pips higher since Friday, so now we are even more confident that low on EURUSD is in place which was expected because of ending diagonal, reversal pattern placed in wave 5).

 

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Crude Oil: Correction Appears Complete; Weakness Could Extend To 90$ Per Barrel

Oil recovered nicely in the last few days from 91.80 back to 94.75 which was expected after a completed five waves down in wave 1.

 

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EURUSD Eyeing 1.2950 before Going Higher Again

EURUSD could make a deeper corrective pull-back in the very near-term within wave B) towards 1.2900/1.2950 support zone before pair turns higher once again for wave C).

 

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AUDUSD Turns Bearish After A Daily Close Beneath March Trend-line

AUDUSD turned sharply lower and made a daily close beneath rising trend-line connected from March lows.

 

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EURUSD Breaks Out Of the Range, Now Headed to 1.3250/1.3300

EURUSD finally broke out of a sideways price action into wave C); earlier than we thought but still in our primary direction

 

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EURUSD Could Extend To 1.2900/1.2950 After Broken Support Line From 1.2745

EURUSD reversed sharply lower yesterday from 1.3200, clearly in impulsive fashion beneath rising trend-line from 1.2745 and as well as wave B) swing low.

 

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GOLD Could Make A New Bearish Reversal After Recent Pull-back To 1420

GOLD rallied nicely in the last few sessions which was expected as we needed a three wave rally in wave 4. For now, the bounce is unfolding very nicely, but we need to see 38.2% hold to turn straight down again.